Rupee falling not a worry, says government

Rupee Hits All Time Low Against USD 10 Things To Know

The government has blamed external factors for the depreciation, which it said will ease going forward, PTI reported.

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. There is "nothing at this stage to worry".

The rupee crashed to record low of 70.09 during the day on global concerns over Turkey's economic woes which have impacted various emerging markets amid the U.S. dollar gaining strength against other currencies. It, however, recovered from the all-time low.

Asian currencies except Japanese yen trade on a weaker footing.

The BSE Sensex had reported of a 300 point dip in the morning session, and NSE Nifty dipped below a 11,400-level owing to heavy losses in PSUs, Banking, auto, and metal counters amid a global rout in equity markets.

B Prasanna of ICICI Bank said the rupee is the victim of a contagion effect impacting all emerging markets (EMs) triggered by the Turkish crisis.

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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.

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. "Hence, an absence of aggressive intervention by the RBI has spooked the market", he said.

On Monday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the U.S. currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

Reuters reports that Indonesia's central bank intervened yesterday to protect the currency, and is scheduled to make an interest rate announcement tomorrow.

The reason behind the fall in rupee was because of the drop in Turkish Lira, and the USA dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies.

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