From trade war to Turkey's lira crisis, factors that led to rupee's decline
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Rupee bleeds on geopolitical and macro stress; breakdown 70 mark to hit lifelow Forex: The gusty rupee went into a tailspin and suffered one of its worst stretches in history - crashing mercilessly to breach the key psychological 70-mark to end at a lFrom trade war to Turkey's lira crisis, factors that led to rupee's decline
Rupee bleeds on geopolitical and macro stress; breakdown 70 mark to hit lifelow Forex: The gusty rupee went into a tailspin and suffered one of its worst stretches in history - crashing mercilessly to breach the key psychological 70-mark to end at a life-time low of 70.15 against the resurgent US dollar. An unprecedented speculative sell-off alongwith heavy dollar demand from importers sent the domestic unit tumbling by a steep 132 paise - its biggest weekly fall this year so far despite government's soothing rhetoric. The Indian unit collapsed to a life-time low of 70.40, triggering currency market intervention by the central bank to defend the beleaguered rupee. Panic and capitulation overshadowed trading sentiment as traders and speculators saw no signs that monetary authorities would Read more