Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

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The government has blamed external factors for the depreciation, which it said will ease going forward, PTI reported.

In January, a dollar bought 3.7 units of the Turkish currency, meaning it has lost around 44 per cent of its value against the dollar this year.

Lira is the national currency of Turkey, and a crisis has spooked investors, economists and policy makers, leaving them on a shaky ground.

The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the U.S. dollar in early trade, on some macroeconomic boost.

"There is nothing to worry at this stage".

Turkey's Lira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after Monday's turmoil.

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SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies.

B Prasanna of ICICI Bank said the rupee is the victim of a contagion effect impacting all emerging markets (EMs) triggered by the Turkish crisis.

The US dollar exchange rate with the lira has traded between 6.6 and 6.8 for most of today's session after briefly spiking above 7 on Monday. However, soon afterwards, the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall.

"Given the uncertainty surrounding Turkey crisis and strength in the dollar index, importers are buying dollars aggressively".

The Turkish lira dived nearly 8 per cent Monday to a low of 7.24 against the United States dollar, fuelling fears that it may impact ænancial institutions in Europe.