Indian rupee weakens past Rs70 per dollar to record low

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Priyadarshinee N
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Indian rupee weakens past Rs70 per dollar to record low

Indian rupee weakens past Rs70 per dollar to record low

Rupee, the Indian currency fell to an all-time low of Rs.70 to the US dollar in early trading on Tuesday, as jitters, sparked by the plunging value of the Turkish lira, spread to other emerging markets.

The rupee weakened to hit the psychologically significant Rs70s mark in early morning trading, a day after a steeper fall.

On Monday, the rupee fell 1.6 percent against the dollar, closing at 69.93, its worst single-day performance in five years.

The rupee has fallen over 8 percent against the dollar so far this year, due to investors' concerns about India’s lack of progress in fiscal consolidation and the country's widening current account deficit.

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