Rupee falling not a worry, says government

Rupee plunges against dollar tracking broader weakness in other emerging market currencies

Rupee plunges against dollar tracking broader weakness in other emerging market currencies

Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall.

A customer hands rupee notes to an attendant at a fuel station in Mumbai, August 13, 2018.

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India would not be concerned if the rupee currency fell to 80 against the dollar after hitting an all-time low of 70.1 on Tuesday, as long as other currencies also depreciated, a senior finance ministry official said.

The Indian Rupee has reached record low an all-time low of 70.1 per dollar on Tuesday in the wake of Turkey's economic woes. Investors are turning to the dollar as a safe haven with Turkey's currency lira crisis continuing since the last week. The cause of this fall has been attributed to fears over a rise in global protectionist measures, along with a strong United States economy.

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Economic affairs secretary Subhash Chander Garg. There is "nothing at this stage to worry".

"A slowing Chinese economy, tightening monetary policy and an escalating trade war are some of the main reasons for this turmoil into currency markets as sentiments towards emerging markets are worsening". At 10:35am, the rupee was trading at 70.07 a dollar, down 0.21% from its previous close of 68.93.

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According to NDTV, analysts have stated that crisis has been pending for a while and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy. While the government has blamed "external factors" for the rupee's fall to an all-time low against the U.S. dollar and said there is nothing to worry, the Opposition has come all out with their opinions on Twitter.

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