As rupee sinks to historic low, Modi govt blames 'external factors'

As rupee sinks to historic low, Modi govt blames 'external factors'

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. "Rupee is depreciating due to external factors", he said.

The USD/INR pair opened at 69.48 and rose to a new lifetime high of 69.61 today as other Emerging Market (EM) currencies tanked in response to the crisis in Turkey. There is "nothing at this stage to worry". It, however, recovered from the all-time low.

Asian currencies except Japanese yen trade on a weaker footing.

Sensex gained 207.10 points to close at 37,852 while NSE's Nifty closed at 11,435.10, up by 79.35 points.

"The Indian rupee just gave the Supreme Leader a vote of no confidence, crashing to a historic low", Rahul Gandhi, president of the main opposition Congress party, said in a tweet referring to his rival Modi.

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"I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country - investment in bonds, investment in equities - this level has become attractive for foreign investment", Kumar said.

He said the RBI has spent about $23 billion so far to intervene in the market.

The rupee registered a sharp decline of 109 paise to close at 69.93 against the United States dollar on Monday - the biggest single-day drop in past five years.

The corresponding rates were 69.4685 and 79.1876, yesterday. Investors preferred safe-havens such as the U.S. dollar and the Japanese yen after a plunge in the Turkish lira pulled down all emerging market currencies.

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