Advertisement
Tuesday, May 17, 2022
Outlook.com
Outlook.com

Rupee Hits Record Low Of 70 Against US Dollar, Govt Says Depreciation Due To External Factors

Rupee Hits Record Low Of 70 Against US Dollar, Govt Says Depreciation Due To External Factors
| File Photo: PTI
Rupee Hits Record Low Of 70 Against US Dollar, Govt Says Depreciation Due To External Factors
outlookindia.com
2018-08-14T13:29:39+05:30

The government on Tuesday blamed "external factors" for the rupee's fall to an all-time low against the US dollar and said there is nothing to worry.

Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.

"Rupee is depreciating due to external factors," he said. There is "nothing at this stage to worry".

The rupee hit an all-time low of 70.1 to a US dollar earlier today on concerns over Turkey's economic woes.

Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers, said the rupee extended losses today on account of panic demand from importers.

"Given the uncertainty surrounding Turkey crisis and strength in the dollar index, importers are buying dollars aggressively. The RBI has been intervening very selectively in the market. Hence, an absence of aggressive intervention by the RBI has spooked the market," he said.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement