Turkish currency crisis adds to misery of Indian rupee

Anna Jefferson
August 14, 2018

The US dollar exchange rate with the lira has traded between 6.6 and 6.8 for most of today's session after briefly spiking above 7 on Monday.

Mumbai: The Rupee crashed to an all-time low of 69.62 against the US Dollar, worst than the 69.13 mark that the Rupee recorded on 20 July 2018.

The rupee, which has fallen more than 8 percent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment, creating a headache for Prime Minister Narendra Modi ahead of a general election due early next year.

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On Friday, the rupee had lost 15 paise to end at 68.83 against the resurgent dollar.

B Prasanna of ICICI Bank said the rupee is the victim of a contagion effect impacting all emerging markets (EMs) triggered by the Turkish crisis.

On Monday, the rupee had depreciated by 1.57 per cent, to a record low of 69.91 against the USA currency amid fears that Turkish currency turmoil can unfold into the global crisis. The currency opened at 69.84 against the dollar and touched a high of 69.75 before falling to 70.08 at 10.34 am, Mint reported.

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Traders said, on the condition of anonymity, that rupee recouped some of the losses as state-run banks sold the dollar on behalf of the Reserve Bank of India.

"As currencies of other economies are also depreciating, intervention by the Reserve Bank of India, by selling dollars in the country, will not help much at this stage for stabilising the rupee", Garg told reporters. The RBI has been intervening very selectively in the market.

"Even if the rupee falls to 80, it will not be a concern provided all other currencies depreciate."

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