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Podcast | Pick of the Day - Rupee in a free fall

The sell-off in the rupee for couple of days has been so sharp that the Reserve Bank of India may have intervened on Tuesday that helped it recover from intraday all-time low of 70

August 16, 2018 / 08:59 AM IST

The Indian rupee hit 70 to the dollar for the first time earlier this week, falling 15 paise intraday due to sharp depreciation in Turkish lira after the United States imposed tariffs on steel and aluminum imports.

The sell-off in the rupee for couple of days has been so sharp that the Reserve Bank of India may have intervened on Tuesday that helped it recover from intraday all-time low of 70 per dollar to 69.69 but renewed pressure trimmed recovery and finally the rupee settled at 69.90, up 3 paise from Monday's close.