The Indian currency on Tuesday crashed to a lifetime low of 70.09 on concerns over Turkey's economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies
Arun Jaitley. Pic/AFP
A day after the rupee plunged to record low, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored. The Indian currency on Tuesday crashed to a lifetime low of 70.09 on concerns over Turkey's economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies.
Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar, the minister said in a series of tweet.
ADVERTISEMENT
However, the country's macro fundamentals remain resilient and strong, said Jaitley, who was holding the charge of finance and corporate affairs ministries before he underwent the kidney transplant on May 14. Piyush Goyal was given Jaitley's ministerial portfolios on an interim basis.
"India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market," Jaitley said. The developments in the currency market were being monitored closely to address any situation that might arise in the context of the unsettled international environment, he added.
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
