Rupee breaches Rs 70 mark against US dollar, Twitterati can’t stop drawing connection to Independence Day

The rupee has been among the hardest hit in Asia from the recent Turkey-led sell-off in emerging assets, thanks to a wide current-account deficit that’s already strained by higher oil prices.

By: Trends Desk
New Delhi | Updated: August 14, 2018 08:49 PM IST

3 min read

Rupee breached the 70 mark for the first time in history. (Source: Express photo by Partha Paul)

For the first time in history, the Indian Rupee hit a record low breaching the Rs 70 mark against US dollar on Tuesday. The currency had recovered from an all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade, it, however, plunged quickly. Although it recovered quickly to 69.97 at the interbank foreign exchange market, the drop left everyone talking online.

ALSO READ | Markets LIVE Updates: Sensex rebounds after Rupee crash

While some were quite sceptical about how the domestic currency would fair in the ongoing Turkish currency turmoil, others couldn’t stop taking a jibe at the government and cracking jokes.
https://twitter.com/peepaknineteen/status/1029235229238603776

https://twitter.com/DoctorrSays/status/1029240040591970305

https://twitter.com/EastIndiaComedy/status/1029257409162694656
https://twitter.com/akashbanerjee/status/1029257775707119616

Latest data, however, showed that retail inflation fell to 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI had raised the key repo rate by 0.25 per cent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5.

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