The Indian rupee broke the 70 per US dollar mark after opening marginally higher on Tuesday on the interbank foreign exchange market for the first time in history. The rupee to US dollar exchange rate was quoted at 70.08. Rupee down 15 paise from the Monday’s closing of 69.9287 per unit US dollar. Cushioning the fears of Indian rupee at 70/$. Subhash Chandra Garg, Economic Affairs Secretary said nothing to worry about rupee fall at this stage. The fall in rupee is due to external factors. Within 90 minutes of dealings in forex market, rupee regained sharply to high of 69.72 apiece US dollar.
At the time of updating, the rupee was trading at 69.9012, up 3 paise or 0.04% against US dollar. The domestic currency (rupee) recorded heavy depreciation on Monday on the back of the Turkish economic crisis following which a meltdown was observed in most of the Asian currencies. The rupee has fallen about 10% in the current year 2018 so far against the US dollar.