Rupee fall due to external factors: Government

Rupee gains 41 paise against US dollar opens at 68.42

The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year. Previously, the rupee had dropped 2.4 percent or 148 paise in a single day in August 2013.

A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, brokers said.

An ET poll in June had said rupee could touch 70 to the U.S. dollar by December-end amid global policy uncertainties. "As currencies of other economies are also depreciating, intervention by the Reserve Bank of India (RBI), by selling dollars in the country, will not help much at this stage for stabilising the rupee", Garg told reporters.

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The reason behind the fall in rupee was because of the drop in Turkish Lira, and the United States dollar gaining rapid strength amid fears that the economic crisis in Turkey could spread to other global economies.

Panic and capitulation overshadowed trading mood as traders and speculators saw no signs that monetary authorities would step into the foreign exchange market to support the domestic unit.

The Indian rupee, which has been facing headwinds caused by a rise in crude oil prices and a hardening U.S. dollar, continued its slide against the USA currency on Monday.

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