Rupee plummets to historic low of Rs 70.09 on Turkish lira collapse

Prime News, National, Business, August 14:- Reversing all its early gains, the rupee today collapsed to a life-time low of Rs 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to dollar as safe haven with Turkey’s currency lira crisis continuing since the last week.

On Monday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of Rs 69.93 against the US currency. –(Inputs: Agencies, NGB)

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