Indian Rupee hits fresh record low of 69.61 per United States dollars

Indian Rupee hits fresh record low of 69.61 per United States dollars

Indian Rupee hits fresh record low of 69.61 per United States dollars

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

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey.

In India, on Monday morning, increased demand for United States currency from importers and banks amid fresh foreign fund outflows hit the rupee sentiment, according to forex traders.

According to news agency PTI, the ongoing currency turmoil in Turkey has dampened investors' sentiments globally.

JP Morgan's emerging markets foreign exchange index is on track for its biggest monthly fall in six years. Investors are turning to the dollar as a safe haven with Turkey's currency lira crisis continuing since the last week.

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"Rupee is depreciating due to external factors.nothing at this stage to worry", Garg said adding external factors may ease going forward.

Asian currencies except Japanese yen trade on a weaker footing. 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. At 10:35am, the rupee was trading at 70.07 a dollar, down 0.21% from its previous close of 68.93.

Investors preferred safe-havens such as the USA dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower.

In a ray of hope for the domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

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