As per latest report the cause of this fall has been attributed to fears over a rise in global protectionist measures, along with a strong US economy. Accordingly this is the steepest fall for the Indian rupee since September 2013. Meanwhile the rupee has been on the down slide since the beginning of this year and has slipped around 9% in 2018. Moreover the ongoing currency turmoil in Turkey has dampened investors' sentiments globally and presently investors are turning to the dollar as a safe haven with Turkey’s currency lira crisis continuing since the last week.
Furthermore yesterday around 11 am, the rupee plunged to Rs 70.08 to a US dollar. However, soon afterwards, the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall. Meanwhile the intervention aided the rupee stabilize just a tad below 70 to a USD at 69.98 around 11.05 a.m.
Secretary Subhash Chandra Garg told news agency told "There is nothing to
worry at this stage and the rupee is depreciating due to external factors which
may ease as we go forward”. Further the reports suggest heavy sell-off in
global currencies, including Turkish lira, fuelled demand for
safe-haven assets and caused the rupee to nosedive.
Sehwag challenges Kohli can't do it! Former Indian swashbuckling opening batsman Virender Sehwag has challenged that though Indian Skipper, run machine Virat Kohli has been making new records and breaking existing records, smashing most of the records of Master Blaster Sachin Tendulkar, he won't be able to overcome several records. Kolhi has been on a rampage as he has been breaking records one after the other with every match and he is literally unstoppable.
- Ice seller tries to commit suicide!
- Rajinikanth's sudden press meet!
- Gaja storm takes extreme speed!
- Pawan Failed to STOP
- Rajinikanth is against PM Narendra Modi
- Wealthy Indian tech arrested for assaulting escort
- Cops shot the guy who killed the Indian student
- Is Chandrababu Naidu & DGPs involved in knife attack on YS Jagan?
- Suzuki Burgman Street scooters ready for launch
- Soorasamharam Event held in a spiritual way at Tiruchendur
- Lives of tribals mean nothing to Chandrababu today: Pawan
- Did Governor E.S.L. Narasimhan brought KCR closer to BJP?
- Cyclonic storm Gaja to bring heavy Rainfall Coupled with Gale Wind
- Puducherry CM slammed KCR
- Why Prabhas not showing interest in his marriage?