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The Indian rupee has seen the worst day in its history on Tuesday, touching 70 a dollar for the first time, led by depreciation in the Turkish Lira that put more pressure not only on Euro but also on other Asian currencies. The fall in currency started couple of days back, taking total dip to 2.4 percent in August and year-to-date around 10 percent.

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    The Turkish lira has plunged by about 25 percent in a week or 45 percent on a year-to-date basis, due to heady mix of high foreign debt, rising  CAD and deteriorating political situation. Although India is less vulnerable relative to other EMs in terms of external debt and current account deficit, but if the crisis continues further, it could hurt economic recovery.

    India's annual rate of inflation based on wholesale prices eased to        5.09 per cent in July from a four-year high of 5.77 per cent in June, official data showed on Tuesday. The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had increased to 1.88 per cent during the corresponding month in 2017.

  Allahabad Bank on Tuesday reported a net loss of Rs 19.44 billion in the first quarter ended June due to higher provisioning for bad loans. Total income of the bank also fell to Rs 47.94 billion as against Rs 49.68 billion mainly owing to fall in income from other sources.

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