Indian Rupee Crashed All Time Low Of 70.09 Against US Dollar

The Indian rupee crashed to all-time low of 70.09 against the US dollar, reported news agency Press Trust of India. After posting its weakest ever loss of Rs. 1.09 against the US dollar on Monday, the rupee strengthened by 23 paise in early trade on Tuesday. However, at about 10:30 am, the rupee hit an all-time low of 70.1 per dollar and extended it to 70.09Economic affairs secretary Subhash Chander Garg said later that the fall in rupee was due to external factors and there was no need to worry at this stage. The falling rupee, which has so far lost over 8 per cent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment. Meanwhile, a weaker rupee strengthened IT stocks. All 10 stocks of the Nifty IT index traded in the green at 11:24 am.