Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar...

Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown. The ongoing currency turmoil in Turkey has dampened investors' sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week. Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.