Indian Rupee Touches All-Time Low Against US Dollar

NEW DELHI, Aug 14 (Bernama) -- The Indian rupee on Tuesday touched an all-time low against the US dollar amid concerns about the global economy due to US-Turkey political tensions. The rupee dropped to 70.07 versus the American currency on Tuesday after it reached the historic low of 69.93 on Monday. Global economic uncertainties from US President Donald Trump's trade war and Washington escalating political tensions with Ankara are weighing on the Indian rupee. India's Economic Affairs Secretary Subhash Chandra Garg, in comments to local media, said the rupee's fall was mainly due to external factors and these would ease in the future. Experts believe the "correction" in the rupee's value would help in tackling India's current account deficit and boost information technology exports. "It's a correction required to make our balance healthier. Our current account deficit has been worsening over the past couple of years. We can't keep borrowing money to plug this deficit. We hope this depreciation helps address the deficit," said Anant Narayan, a professor at a management school. -- BERNAMA