Indian Rupee crashes to the all-time low of 70.08 against US dollar
The Indian rupee has so far reached the lowest level. The price of the rupee has risen to 70 rupees compared to the US dollar, with heavy declines. So far this year, the rupee has weakened by 10 percent. Experts say that due to the Turkish crisis, there is a decline in the currency in the world. That is why there is also a decline in Indian rupee. It is believed that the rupee can touch the level of 72 per dollar.
On Monday, the rupee had plummeted by 1.08 rupees or 1.57 percent to US dollar 69.91 on Monday. The Turkish currency lira recorded a huge decline of about eight percent. During this time the American currency became stronger than other global currencies.
A government bank treasurer said, “The fall in the rupee has come mainly due to the currency exchange rate of Turkey.” He said that due to the decrease in the flow of foreign institutional investors (FIIs) and rising oil prices The rupee has also been affected.
What is the Turkish crisis?
American President Donald Trump on Friday announced the doubling of duty on import of steel and aluminum from Turkey. Trump has taken this step at a time when Turkey is already going through a financial crisis and is embroiled in diplomatic disputes with the US. This led to a decline in currency in the currency there.