Mumbai: Reversing all its early gains, the rupee on Tuesday 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.
On Monday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.
What is interesting to note is that ‘monetary policy experts’ like Chetan Bhagat and Sri Sri Ravi Shanker resorted to a vow of silence now. They had expressed deep concerns back in 2013 when the rupee was valued at 60 per dollar during UPA regime.
Flashback:
It is refreshing to know that the rupee will get stronger at Rs.40/- per dollar if Modi comes to power http://t.co/OacZDXesGy
— Sri Sri Ravi Shankar (@SriSri) March 20, 2014
Rupee at 60. It is mayhem. Close to an economic crisis. But well, the government is silent.
— Chetan Bhagat (@chetan_bhagat) June 20, 2013
UPA Government and the Rupee seem to be in a competition with each other on who will tumble down more. http://t.co/Rl8RMMJ9kZ
— Narendra Modi (@narendramodi) July 24, 2013
In 2013, even Narendra Modi had said the fall in the value of rupee is not because of its ‘size’ but because of people sitting in Delhi who are busy in corruption.
Rupee is not losing strength because its size has changed.It is because those sitting in Delhi are busy in corruption: Modi ji
— narendramodi_in (@narendramodi_in) July 14, 2013
On an earlier occasion, when rupee had reached 68.89 against the US dollar, a Twitter user had also posted Union Minister Sushma Swaraj’s old tweets.
To Quote Sushma Swaraj: The Rupee has lost its value. The Prime Minister has lost his grace. pic.twitter.com/J3IQtOBZnQ
— Joy (@Joydas) May 7, 2015
With PTI inputs