Indian rupee drops to 19.03 vs UAE dirham

Indian Rupee at all time low

In early trade today, the rupee crossed past the psychological 70-mark to hit an all-time low of 70.08 a dollar for the first time amid concern over the risk of contagion from Turkey's financial-market turmoil.

The rupee recovered three paise from the previous day's close of 69.93. "Global investors have been shying away from risky emerging market assets in general, keeping emerging market forex including the rupee precarious", said Sajal Gupta, head of forex, Edelweiss Securities.

The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say. The Indian rupee breaching 70 mark is not because of India-specific factors, but on account of risks of a global contagion emerging on account of the weakening Turkish Lira against the USA dollar.

Analysts said a rise in the 10-year benchmark bond yield to 7.82 percent on Tuesday reflected concerns about rising government borrowing costs in the market.

Donald Trump Denounces Racism Ahead of White Supremacist Rally Anniversary
The violence culminated with a man driving a vehicle into a crowd of counter-protesters, killing Heyer and injuring 19 people. Another 18 percent say race relations have stayed about the same since Trump became president past year .

Team Gives Medication To Sick Killer Whale At Sea
But they don't plan to intervene to help a mother orca in the same critically endangered pod that also has them anxious . The 3-year-old orca's condition is so poor, she may not survive and is running out of time, scientists said .

Charlottesville events marking one year since violent protest
Majuto claimed that the police "were not on our side" a year ago when white supremacists confronted counterprotesters. His apparent refusal to condemn neo-Nazis and violent white nationalist groups elicited strong bipartisan pushback .

Rupee recovered from initial dip against United States dollar. Core inflation eased to 6.1% from 6.4% a month ago.

Subhash Chandra Garg, economic affairs secretary at the finance ministry, said the rupee was still performing better than some other currencies and the country had sufficient foreign exchange reserves.

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies. "However, July CPI coming in at 4.17 per cent will relieve some pressure on interest rates and the rupee in the near term", said Deepak Jasani, Head of Retail Research at HDFC Securities.

He said the RBI has spent about $23 billion so far to intervene in the market.

Related news:

Hot News

isis-killer-beheading-video-story-top Cleveland Fans Will Get Free Beer When Browns Snap Epic Losing Streak
Aug 15, 2018 - 03:54
The Cleveland Browns promoted the Bud Light marketing stunt in a tweet Tuesday, writing, "You've stood by us through it all". This will surely get Browns fans thirsty for the first victory, not that they will really need to extra motivation.

isis-killer-beheading-video-story-top Musk bid for Tesla: no formal offer, no firm deals with advisers
Aug 15, 2018 - 03:35
What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA , noted the paper. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia 's Public Investment Fund.

isis-killer-beheading-video-story-top Trump calls Omarosa 'that dog', takes legal action against her
Aug 15, 2018 - 03:13
But Manigault Newman was defiant, telling the Associated Press on Tuesday, "I will not be silenced". She refused, and Kelly was forced to fire her, unnamed White House aides told Politico .

isis-killer-beheading-video-story-top Celtic crash out of Champions League at hands of AEK Athens
Aug 15, 2018 - 01:57
In the Instagram video posted late last night, the 27-year-old can be seen getting muscular therapy on his back and legs. Manager Brendan Rodgers has refused to say whether Dedryck Boyata has played his last game for Celtic .

isis-killer-beheading-video-story-top Salah on target as Liverpool start with easy win
Aug 14, 2018 - 08:35
West Ham United's Michail Antonio (left) and Liverpool's Georginio Wijnaldum battle for the ball during the Premier League match at Anfield , Liverpool.

isis-killer-beheading-video-story-top England vs India 2018: India's predicted XI for the third Test
Aug 14, 2018 - 08:26
What we want for him is to bring that confidence to the red-ball game". They not learning from mistakes has been very disappointing to watch.

Trump says "Apprentice" producer told him there's no "N-word" tape
Aug 14, 2018 - 07:08
He said that Newman made up the story about him and that the "fake news" only listened to her because she had turned against him. The recording, which is yet to be verified, reportedly depicts President Trump unaware that Ms Manigault Newman had been fired.

isis-killer-beheading-video-story-top Fight for Afghan city rages despite Kabul's claim of upper hand
Aug 14, 2018 - 05:27
Washington neither confirmed nor denied the meeting, but acknowledged Wells was in Qatar, where the Taliban maintain an office. The army chief said the security forces are conducting full-scale clearance operations to eliminate militants from the city.

isis-killer-beheading-video-story-top Greek cat sanctuary hiring caretaker to live on island, supervise 55 cats
Aug 14, 2018 - 05:12
In return, you'll be put up for free in a semi-detached tiny house with its own garden and stunning views of the Aegean Sea. You could get paid to live on a Greek Island as a the caretaker for 55 furry bundles of joy at a cat sanctuary.

isis-killer-beheading-video-story-top Va. gov., Charlottesville declare state of emergency ahead of rally anniversary
Aug 14, 2018 - 02:23
During the protests, a vehicle drove into the crowd of people, as a result of which a woman was killed. James Alex Fields Jr ., of OH , faces murder charges in Heyer's death.

isis-killer-beheading-video-story-top Idris Elba Fuels James Bond Speculation With Playful Tweet
Aug 13, 2018 - 05:05
A number of online betting agencies are running odds on who will be next in line, with Elba the frontrunner. Fuqua's representatives refuted the story, however, stating that no such conversation ever took place.

isis-killer-beheading-video-story-top David Moyes has made a very bold prediction for Manchester United's season
Aug 13, 2018 - 03:48
The rest will have done Sane no harm, and Sane is relishing the upcoming Premier League challenge where all to top sides have strengthened.

isis-killer-beheading-video-story-top White House Describes Military 'Space Force,' Aims To Create It By 2020
Aug 13, 2018 - 02:40
Those satellites handle intelligence and surveillance, as well as command, control and communication, among other things. But just past year , Mattis voiced skepticism concerning the need to create a separate Space Force.

isis-killer-beheading-video-story-top Turkey taking action to ease market concerns
Aug 13, 2018 - 02:21
Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong. The comments come amid a spat between the U.S. and Turkey over Ankara's jailing of an American pastor on spying charges.

isis-killer-beheading-video-story-top Second Test, day 3 at Lord's
Aug 12, 2018 - 16:40
England had looked like wasting an inspired bowling performance that dismissed India so cheaply on a rain-interrupted second day. Yesterday belonged to Chris Woakes, who scored a maiden Test match century to put England in command of this match.