For the first time, the rupee hit today an all-time low and touches 70 to a US dollar, turning at 70.1, ahead of India’s 72nd Independence Day. However, it recovered from the all-time low.
The Government blamed “external factors” for the rupee’s fall to an all-time low and said that there is nothing to worry about as of now. 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”
SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies.
Yesterday, the rupee had plunged by Rs 1.08, or 1.57%, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.
Congress President Rahul Gandhi wrote on Twitter while sharing an old video “The Indian Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader’s master class on economics in this video, where he explains why the Rupee is tanking.”