The Indian rupee on Monday slumped to a fresh record low against the US dollar as emerging-market currencies weakened amid concern over the risk of contagion from Turkey’s financial-market turmoil. At 2.17pm, the rupee was trading at 69.74 a dollar, down 1.29%—its steepest fall since 24 June 2016—from its previous close of 68.84. The home currency opened at 69.49 and touched a record low of 69.75 a dollar. The currency recovered marginally in mid-day trade to 69.41 from its low after the Reserve Bank of India was seen intervening to stem a sharp fall in the currency. However, it weakened again.

The Indian rupee on Monday slumped to a fresh record low against the US dollar as emerging-market currencies weakened amid concern over the risk of contagion from Turkey’s financial-market turmoil. At 2.17pm, the rupee was trading at 69.74 a dollar, down 1.29%—its steepest fall since 24 June 2016—from its previous close of 68.84. The home currency opened at 69.49 and touched a record low of 69.75 a dollar. The currency recovered marginally in mid-day trade to 69.41 from its low after the Reserve Bank of India was seen intervening to stem a sharp fall in the currency. However, it weakened again.