The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said. The Indian rupee has depreciated by 10 per cent in 2018.
India would not be concerned if the rupee currency fell to 80 against the dollar after hitting an all-time low of 70.1 on Tuesday, as long as other currencies also depreciated, a senior finance ministry official said.
Analysts cited the slump in Turkish lira as one of the key reasons for the rupee falling further, Money Control reported. Investors are turning to the dollar as a safe haven with Turkey's currency lira crisis continuing since the last week. There is "nothing at this stage to worry".
Turkey's Lira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after Monday's turmoil.
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The Indian rupee, which has been facing headwinds caused by a rise in crude oil prices and a hardening USA dollar, continued its slide against the U.S. currency on Monday.
The currency on Tuesday touched an all-time low of 70.08 to the USA dollar. The rupee had settled at 68.84 against the USA dollar last Friday.
The crisis has been sparked by a series of issues including a faltering economy - the central bank has defied market calls for rate hikes - and tensions with the United States, which has hit Turkey with sanctions over its detention of an American pastor.
The currency crisis in Turkey, which had a massive impact on Asian markets on Monday, began after President Recep Tayyip Erdogan asked citizens to exchange gold and dollars into the lira as the country's currency dropped almost 19% due to worsening relations with the United States.