Reversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.
The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.
Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency
After the news of Indian rupee collapsing to an all time low, people started expressing their emotions by making fun of government.
This is how Twitterati reacted
Forty to a dollar seems like a distant dream today. But I recall paying Rs39 to a dollar in 2007-8, during the first term of MMS rule…#Rupee
— Vivek Sengupta (@vsengupta) August 14, 2018
#Rupee crosses 70 to a dollar today.
— SP Shukla (@Prakashukla) August 13, 2018
Rs.70 to the $ … ‘Sattar’k ho jaao!
— Jaaved Jaaferi (@jaavedjaaferi) August 14, 2018
— Tweetera🐦 (@DoctorrSays) August 14, 2018
1 Dollar = 70 Rs/-
1 Euro = 80 Rs/-
Looks like DOLLAR and EURO are taking revenge on India for naming underwear brands on their names 🙂
— Pankaj Baid (@pankajbaid17) August 13, 2018
Rupee breaches 70/$-mark, touches an all-time low of 70.08.
— Professor Strange (@sureshkumar87) August 14, 2018
Though the next bi-monthly policy is to be unveiled on October 5, we have seen in the last two reviews, that RBI had raised the key repo rate by 0.25 per cent each on inflationary concerns.