Rupee hits lifetime low of 70 per dollar


"I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country - investment in bonds, investment in equities - this level has become attractive for foreign investment", Kumar said. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013.

The lira has fallen about 45 per cent against the greenback this year on worries over Turkish President Tayyip Erdogan's increasing control of the economy and a deepening diplomatic rift with the United States.

The slide comes in the context of a currency crisis in Turkey.

Reportedly, the rupee has lost 7.2 percent this year and remains one of the worst performing emerging market currencies. Traders are now anxious over the Turkish crisis spreading its impact over the world economy. The recent increase in inflation has led the Reserve Bank of India (RBI) to increase the repo rate by 25 basis points twice in two months. Later, it recovered some ground after the ænance ministry assured steps to rein in the crisis. Current Account Deficit is the excess of imports over exports.

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"Given the uncertainty surrounding Turkey crisis and strength in the dollar index, importers are buying dollars aggressively".

Mr. Garg also said that while the Reserve Bank of India had sufficient foreign exchange reserves, its intervention in the currency market may not be of much help as of now, as the weakness in the rupee was a result of global factors.

However, Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.

Mumbai: Rerversing all its early gains, the rupee on Tuesday collapsed to a life-time low of 70.09 against the U.S. dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.