Yesterday, the rupee had fallen by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.
In a ray of hope for domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.
In the last two reviews, the RBI had raised the key repo rate by 0.25 per cent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5.
The Congress on Tuesday took on Prime Minister Narendra Modi led government and blamed them for the same, saying “Modiji finally managed to do something that we couldn't do in 70 years”.