Rupee falling not a worry, says government

Rupee falling not a worry, says government

The Indian rupee has depreciated by 10 per cent in 2018.

The Indian rupee on Monday declined to 69.61 per dollar during the day after opening at a record low of 69.47.

The rupee crashed to a fresh lifetime low of 70.09 against the dollar as investors were nervous that the plunge in the lira could prompt capital outflows from other emerging economies that run a hefty current account deficit and rely on foreign capital.

Analysts cited the slump in Turkish lira as one of the key reasons for the rupee falling further, Money Control reported.

The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said.

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Nervous investors were keeping an eye on developments in Ankara after yesterday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally.

The government on Tuesday blamed external factors for the rupee's fall to beyond 70 against the U.S. dollar, reported PTI. With that, the rupee fell below the 70 level against the United States dollar for the first time ever.

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

Garg also said that while the Reserve Bank of India had sufficient foreign exchange reserves, its intervention in the currency market may not be of much help as of now, as the weakness in the rupee was a result of global factors. Investors preferred safe-havens such as the USA dollar and the Japanese yen after a plunge in the Turkish lira pulled down all emerging market currencies.

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