Indian Rupee (INR) tumbled to its historic low of Rs 70.09 against US dollar (USD) following a weak trend in the international currency market.
INR touched its bottom as investors feared that continuing bearish trend in lira may result in a global currency turmoil as Turkish currency, lira recorded a 45 per cent drop against USD this year.
With a bearish trend in the Indian currency, the investors treating USD as a safe haven for their investment. INR was seen trading at Rs 69.92 against USD as of 09.00 GMT on Tuesday (14).
Lira has tumbled about 45 per cent against the USD in 2018 following concerns over Turkish President’s increasing grip over the domestic economy and thickening diplomatic issues with the US.
Turkey’s central bank on Monday (13) said it was ready to take all possible measures to prevent fall of lira to ensure the financial stability of the country. The statement from the central bank came after the Turkish lira recorded a steep decline against USD.
Lira was seen trading at 6.52 against USD, a fall of 5.14 per cent on Tuesday (14) at 09.22 GMT.