Rupee hits 70 to the dollar

The Indian rupee hit a record low of 70 to the dollar yesterday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis. The under-pressure rupee touched 70.09 briefly during mid-morning trade as fears grow that the plight of Turkey's lira

Editorial Team Legacy

Published 15 August 2018, 8:00 · Updated 22:03

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The Indian rupee hit a record low of 70 to the dollar yesterday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis.

The under-pressure rupee touched 70.09 briefly during mid-morning trade as fears grow that the plight of Turkey’s lira will spread to other emerging countries.

South Africa, Argentina, Mexico, Brazil and Russia have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar.

Rupee hits 70 to the dollar

Editorial Team Legacy

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