Indian rupee plummets to historic low of 70.09 on Turkish lira collapse
Despite its early gains, the rupee again collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown. At the interbank foreign exchange market, the rupee was trading higher by 0.21 percent at 70.07 against US dollar at 10.37 am.
Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the US currency. It was the biggest single-day fall for the rupee in the past five years. Image source: Reuters