Rupee plummets to historic low of 70.09 on Turkish lira collapse

Rerversing all its early gains, the rupee today collapsed to a life-time low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown. The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week. Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.