NEW DELHI (AP) — The Indian rupee has fallen to an all-time low against the U.S. dollar amid worries over Turkey's growing financial crisis.
Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was "nothing at this stage to worry" about after the rupee reached 70.1 to the dollar earlier Tuesday. He said the plunge was due to external factors.
Turkey's central bank has struggled to stop a sharp plunge in its currency. That has pushed the dollar's value higher, driving down many developing-world currencies.
Rajnish Kumar, chairman of the State Bank of India, said he believed the rupee would stabilize at around 69-70 per dollar.
Turkey's crisis was set off by worries over President Recep Tayyip Erdogan's economic policies and a trade dispute with the United States.