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.

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