Thomson Reuters
- The Indian rupee briefly fell to an all-time low of 70.1 per US dollar in Tuesday trade.
- Indonesia’s currency also fell to a multi-year low as government ministers discussed strategies to prop up the currency.
- JP Morgan’s emerging markets foreign exchange index is on track for its biggest monthly fall in six years.
There are lingering signs of tension in emerging markets during Tuesday trade after the Turkish lira’s collapse last Friday sent shock-waves through Asia at the start of the week.
The US dollar exchange rate with the lira has traded between 6.6 and 6.8 for most of today’s session after briefly spiking above 7 on Monday. Turkey’s currency has lost around 45% against the dollar so far this year.See the rest of the story at Business Insider
See Also:
- The Turkish lira has finally stabilised as Erdogan promises action against ‘economic terrorists’
- The lira’s crash ‘looks certain to push the Turkish economy into recession and may well trigger a banking crisis’
- The Turkish lira is sinking so fast it risks ‘smashing into the ground’ — and people are worried about European contagion
SEE ALSO: The Turkish lira has finally stabilised as Erdogan promises action against ‘economic terrorists’
