The Indian rupee, Asia’s worst performing currency, continued its downward trend on Thursday and hit a new all-time low against US dollar. The rupee plunged to 43 paise to touch 70.32-mark against the dollar. Earlier on August 14, the rupee had crashed to an all-time low of 70.10 against the dollar.
According to forex dealers, a sharp surge in trade deficit and strong demand for the American currency from importers impacted the rupee. Also, the concerns over Turkey’s economic woes after new US tariffs also put pressure on the Indian currency.
Union Minister Arun Jaitley, however, said that there was no need to worry as India has enough foreign exchange reserves to deal with the situation. So far, the rupee has fallen 2.51 per cent in August 2018.
The Opposition Congress slammed Narendra Modi government for the historic fall in rupee's value against the dollar.
"Modiji finally managed to do something that we couldn't do in 70 years," the Congress tweeted.
Modiji finally managed to do something that we couldn't do in 70 years. pic.twitter.com/jCFH79YrCQ— Congress (@INCIndia) August 14, 2018
Meanwhile, the BSE Sensex and Nifty opened in red on Thursday. The Sensex sank over 200 points or 0.54 per cent to 37,644.97 points in early morning trade. The NSE Nifty fell below the 11,400-mark, shedding 58.15 points, or 0.50 per cent, to 11,376.95.