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Rupee breaches 70-mark, govt. allays concern

The rupee on Tuesday breached a historic low of 70-mark against the US dollar before recovering at close on possible RBI intervention, even as the government put up a brave face saying there should be no concern as the fall is because of external factors.

The plunge, which came a day after bloodletting in global markets due to worries over Turkish economic crisis and a sharp plunge in the lira, prompted Congress chief Rahul Gandhi to attack the Centre, saying the rupee has given “the supreme leader a vote of no confidence”.

Attributing the fall in rupee value against the US dollar to “external factors”, Economic Affairs Secretary Subhash Chandra Garg said there is nothing to worry about as long as the depreciation is in line with other currencies. State Bank of India chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison

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