Economy

Rupee falling not a worry, says government

Rupee falling not a worry, says government”

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.

This is the steepest fall for the Indian rupee since September 2013.

The rupee registered a sharp decline of 109 paise to close at 69.93 against the USA dollar on Monday - the biggest single-day drop in past five years. 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.

Forex dealers said selling of the greenback by banks and exporters supported the rupee. "There is nothing at this stage to worry", said Economic Affairs Secretary Subhash Chander Garg.

Turkey's lira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after the previous day's turmoil. Some of these avenues include the Japanese Yen, the US Dollar and the Swiss Franc.

The RBI's monetary policy committee led by Governor Urjit Patel has increased interest rates twice since June to curb price pressures, while also using foreign reserves to check currency volatility.



Like this

loading...
loading...

Latest


14 August 2018
Asian markets mixed after Wall St falls on Turkey jitters
TURKISH TURMOIL: Turkey's central bank announced measures to help its banks, but the country's lira and stock market slid further. He said: 'You act on one side as a strategic partner, but on the other you fire bullets into the foot of your strategic partner.

14 August 2018
President Trump, V.P. Pence to visit Upstate New York
The president said the defense policy measure signals that the U.S.is "on the move once again and we are not backing down". The H.R. 5515 bill was named after the longtime Arizona senator and chair of the Senate Armed Service Committee.

14 August 2018
Rival Korea leaders to meet in Pyongyang in September
North Korea's leader Kim Jong Un shakes hands with South Korea's President Moon Jae-in at the Military Demarcation Line. The agreement was reached during high-level talks between the two sides at the Panmunjom border village on Monday.

14 August 2018
Chad Kelly to replace Paxton Lynch as No. 2 quarterback for Broncos
At this point it would be a surprise if he is on the team's season-opening, 53-man roster. He had a great spring, he's had a great camp. "He's earned that right".

14 August 2018
Tiger Woods in contention in final round
Tiger Woods came up agonizingly short in his attempt Sunday to win the PGA Championship and cap a remarkable return to the top. But Koepka simply stepped on the accelerator, birdieing the 15th and 16th to open up an unbreachable lead.

13 August 2018
Panic as 300 injured in Vigo platform collapse
The incident happened as revellers were enjoying the O Marisquino festival in Vigo, northwestern Spain . The popular annual festival features music and urban sports such as skateboarding.

13 August 2018
Rafael Nadal too strong for Stefanos Tsitsipas in Rogers Cup final
Tsitsipas, who said he drew inspiration from Canadian Denis Shapovalov's deep run in this event a year ago , pocketed $500,340. Nadal overcame six aces from the big-serving Russian Khachanov to punch his ticket to his fifth final of the year.

13 August 2018
Donald Trump calls former aide Omarosa a 'lowlife'
Her revelations are now creating a stir for a reality-TV-star-studded West Wing but this episode's likely to end soon. In recent interviews, she has described her former boss and " Apprentice " co-star as " unhinged " and "racist".

13 August 2018
We may have just discovered the ultimate dream job for cat-lovers
The position offered is long term, but with a minimum six months required and a two to four week volunteering trial. Apart from feeding the cats the cats will also need heaps of love and attention .

13 August 2018
Ayatollah Khamenei says mismanagement hurts Irani economy more than United States sanctions
Amir Hatami told state TV the surface-to-surface missile, dubbed Fateh-e Mobin, or Bright Conqueror, was effective in all weather conditions.