Rupee hits a record low against US dollar; Breaches 70 mark for the first time

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The Indian Rupee hit a record low on Tuesday morning as it breached the historic 70-mark against the US Dollar as it continued to extend its fall.

The Indian currency crashed below the 70-mark in early trade to touch all-time low of 70.10 intra-day trading today owing to global currency crisis and a sharp plunge in the Turkish lira.

However, by the end of the day it recovered on suspected RBI intervention and the finance ministry’s dismissing the concerns over its sharp fall.

The Finance Ministry attributed the sharp fall in rupee to “external factors” and stressed that there was nothing to worry about as long as the depreciation was in line with other currencies.

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