Rupee hits historic, all-time low of 70 against US dollar

“Modiji finally managed to do something that we couldn’t do in 70 years”, said the Congress party on Tuesday morning, mocking Prime Minister Narendra Modi after the Indian rupee hit 70.08 against the US dollar on August 14, 2018.

Gujarat Congress President Amit Chavda reminded the Prime Minister that he had mocked former PM Dr Manmohan Singh by comparing the depreciating value of the rupee to the latter’s age. But now, said Chavda, the rupee is at a historic low of ₹70 to $1, and “has now surpassed your age”.

ABP News reported that on August 13, the rupee had fallen by ₹1.08, or 1.57%, “to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis”. A day later, the rupee breached the historical marker of 70 to a dollar.

*Developing story; will be updated