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Wednesday, August 15, 2018

Indian Rupee comes off historic low, closes at 69.90 against USD Tuesday Aug 14,2018

The Indian Rupee reversed from historic low in its closing trade on Tuesday Aug 14,2018 after touching 71.10 against the US dollar. The Indian currency closed at 69.90 against USD.

Rupee breached 70 per dollar mark in late morning trade on Tuesday amid fears that economic crisis in Turkey could spread to other global economies.

In the opening trade rupee had recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar. Panic and capitulation overshadowed trading mood as traders and speculators saw no signs that monetary authorities would step into the foreign exchange market to support the domestic unit.

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