As per the industry reports, this mark is an all-time low closing. The rupee slipped by110 paise lower at Rs 69.93 on Monday against its Friday’s mark of Rs 68.83, biggest single session fall against the dollar since September 3, 2013.
The reason behind the fall is indicated towards the drop in Turkish Lira, which helped the US dollar to gain strength, resulted due to the fear that economic crisis in Turkey could spread to other global economies.
Further, the rupee could depreciate towards Rs 71 per dollar as per the technical pattern.
The government blamed external factors for the rupee’s fall to beyond 70 against the US dollar, reported PTI.
“Rupee is depreciating due to external factors” and there is “nothing at this stage to worry,” said Subhash Chander Garg, Secretary, Economic Affairs.