Indian rupee plummets to historic low, breaches 70 mark against dollar

MUMBAI: 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.nnThe ongoing currency turmoil in Turkey has dampened investors’ sentiments globally.nnInvestors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.nnYesterday, the rupee had plunged by Rs 1.08, or 1. 57 per cent, to a record low of 69.93 against the US currency.nnThe rupee also ended lower against the pound, euro, and yen. This is the biggest single day fall for the rupee in the last five years. In August 2013, the rupee had dropped 2.4 percent or 148 paise in a single day in August 2013.nnA weaker rupee may now complicate the task of Reserve Bank of India (RBI) to keep the inflation in check.nnSource: Press Trust of India