Rupee Hits Record Low Amid US-Turkey Conflict
New Delhi: The Indian Rupee on Monday hit an all-time low at Rs. 69.62 against the US Dollar, amid the deteriorating relationship between Turkey and the USA. The Indian currency was also affected by dwindling value of Turkish Lira which has been negatively impacting the financial markets in India. The Sensex plunged by 250 points as the Indian currency is bearing the brunt of Turkey’s standoff with the US.
The value of Turkish Lira has significantly dwindled in the last few days due to which the Turkish economy has come under immense pressure. The President of Turkey Recep Erdogan has stated that the fall of the Turkish Lira is part of a larger political conspiracy of Washington DC against Ankara. He further said that Turkey will now look out for new financial partners amid the economic war waged by the US.
Currency dealers have opined that the falling value of the Indian Rupee may have made the commercial banks in India sell dollars on behalf of the RBI in order to recover some value of the Indian currency.