Afternoon Voice

Rupee hits all-time record low of 70.82

Plunging to a fresh low, the Indian currency on Thursday opened at 70.82 versus the US dollar.

This slump comes a day after the government said that the Indian rupee was expected to remain in the range of 68 to 70 during this year. In the last few months, Rupee opened at 70.57 a dollar from its previous session of 70.59 but later it was slipped to 70.82 at the Interbank Foreign Exchange (Forex) market, reported the Moneycontrol.

On August 16, the Indian Rupee opened at 70.22 versus the US dollar. The Indian currency started off the session on a weak note, hitting a fresh record low of 70.25 against the dollar. Earlier on August 14, after opening at a marginal high of 69.85 against the US Dollar, the Indian rupee touched an all-time low of 70 per US dollar.

The currency touched an all-time low of 70.08 against the US dollar while marking depreciation of around 10 per cent in 2018. The fall in rupee was mainly impacted by drop in Turkish Lira, which helped the US dollar to gain strength on the back of fears that the economic crisis in Turkey could spread to other global economies.