Mumbai, Aug 14: The Indian Rupee has reached record low an all-time low of 70.1 per dollar on Tuesday in the wake of Turkey's economic woes. This is the biggest single day fall for the rupee in the past five years. The rupee was last at 69.99 to the dollar, compared with its previous close of 69.95 per dollar.
Economic Affairs Secretary Subhash Chandra Garg, said, "Nothing to worry at this stage. The rupee is depreciating due to external factors which may ease as we go forward."
However, R Gopalan, Former Secretary Dept of Economic Affairs , told a private TV channel that "Rupee at 70/$ is a matter of disturbance; Oil bill would increase the deficit. Deficit would have a cascading impact on other parameters. "
India's foreign exchange reserves fell to over seven-month low of USD 402.7 billion in the week ended August 3. Total forex reserves dipped USD 1.49 billion from USD 404.19 billion in the week ended July 27, 2018, RBI data showed
The Turkish lira has dropped to a record low against the dollar and on Monday a dollar bought just under 6.65 lira. In January, a dollar bought 3.7 units of the Turkish currency, meaning it has lost around 44 per cent of its value against the dollar this year. This drop makes the lira the world's worst performing currency in 2018, overtaking crisis-hit Argentina.
(With PTI inputs)