15 August, 2018
"A slowing Chinese economy, tightening monetary policy and an escalating trade war are some of the main reasons for this turmoil into currency markets as sentiments towards emerging markets are worsening".
Rupee hits a fresh lifetime low as EM currencies slide. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013.
The euro hovered near one-year lows against the dollar and the Swiss franc as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies.
Recent US-imposed sanctions and tariffs on Turkey have had an impact on its currency. Later, it recovered some ground after the ænance ministry assured steps to rein in the crisis.
Portugal fights major wildfire as Europe’s heat wave lingers
Spanish emergency services said on Twitter that the fire had been contained but was not yet under control as of Sunday morning. And temperatures could edge a degree higher on Tuesday, potentially peaking at 34C in Essex or Norfolk, the Met Office said.
Putin invites Trump to Moscow for second meeting after Washington postponed plans
Scaramucci also told Tapper that the decision to ban Collins from the press event came from President Trump, himself. It is not immediately clear if Mr Putin was referring to a formal invitation or a verbal one in spirit.
Homes destroyed and at least one dead in explosive wildfires
The Ferguson Fire near Yosemite National Park, which has charred 45,911 acres (18,500 hectares), was 29 percent contained. Residents in Redding where several homes were destroyed say they had to scramble to escape the blaze.
Mumbai: The rupee plunged to yet another record low on Tuesday breaching the psychological 70 level mark against the United States dollar as concern regarding the currency crisis in Turkey spreading to other emerging markets forced investors to shun riskier assets and seek the safety of U.S. dollar.
India plans to raise 6.06 trillion rupees ($86.71 billion) in the current fiscal year ending in March 2019, to fund the fiscal deficit. "The dollar index has strengthened beyond 96 levels reflecting its safe-haven status due to a possible domino effect of the Turkey crisis on the other financial institutions". "Importers were seen aggressively buying dollars in the forward market putting further pressure on the rupee", said Abhishek Goenka, chief executive officer (CEO), India Forex Advisors.
The currency crisis in Turkey, which had a massive impact on Asian markets on Monday, began after President Recep Tayyip Erdogan asked citizens to exchange gold and dollars into the lira as the country's currency dropped almost 19% due to worsening relations with the United States.