Sunday, August 1, 2021

How is Turkey Hitting the Indian Economy Very Hard?

Even then Indian Economy is feeling the aftereffects of the US-Turkey Conflict as the woes of the Turkish Lira hit Indian markets hard. Indian Rupee fell to a record low of 69.62 a dollar and the Sensex plunged by 250 points. The India Economy and Currency is taking the brunt of Turkey’s standoff with the US. 

Lira In Trouble Over Strained Ankara-Washington Relations

The Turkish Lira has come under an immense pressure as its economy is tumbling and traversing rough roads. But the woes of the Turkish Lira has more to do with Ankara’s souring relationship with Washington.

Turkey and the US have remained strategic partners for more than five decades and also NATO allies for long. But their strategic partnership is now a story of the past and the US has waged an economic war on Turkey, the heat of which is also being felt by India.

The major chunk of this withered relationship between the two nations has to with the detention of a US pastor in Turkey. Turkey’s refusal to accept the US sanctions on Iran has also made Trump assume an aggressive stance on Turkey. The falling value of the Indian Rupee may have made the commercial banks in India sell dollars on behalf of the RBI to absorb some losses.

A Political Plot Against Turkey: Turkish President

The Turkish President Recep Erdogan has said that the fall of the Turkish Lira is part of a political conspiracy against Ankara. He further added that Turkey will now seek to have new partners amid the economic war waged by the US. As reported by Press TV, The Turkish Lira fell to a record low on Friday after it fell by 16%.

Erdogan said that the ultimate aim of this political plot targetting the Turkish Lira is to ultimately make Turkey surrender in all areas. He further added that Turkey is determined to overcome its economic woes by God’s permission.

More News at EurAsian Times

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