Connect with us

South Asia

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




Featured30 mins ago

Indian Aircraft Carrier Vikrant Gears Up For Commissioning As Rafales Compete Against F-18s As Its ‘Flying Machines’

The Indian Navy has completed basin trials for its first indigenous aircraft carrier (IAC-1) Vikrant, the Defense Ministry said on...

Asia Pacific3 hours ago

Chinese J-11 Fighter Jets Conduct Large-Scale War Drills Near Indian Border – WATCH

China’s People’s Liberation Army (PLA) has conducted a series of extensive exercises with warplanes around a Western Theater Command Air...

Featured6 hours ago

Four Time Faster Than US’ Tomahawks, Why Indian BrahMos Missiles Pose A Grave Risk To China?

The Indian Navy on Tuesday successfully test-fired the anti-ship version of the supersonic cruise missile, BrahMos from stealth destroyer INS...

Asia Pacific6 hours ago

India Falls Back On European Fighter Jets To Counter Rising Menace Of Chinese Swarm Drones

To counter Chinese air defenses in Ladakh and other bordering areas, India has decided to fast-track its swarm drone system,...

Americas16 hours ago

Bad News For F-35 Jets; Russia Set To Unveil ‘Stealth-Killer’ S-500 Missile Systems Next Year

US military experts would be watching anxiously as Russia is all set to enhance its most advanced S-400 missile system...

iranian-scientist iranian-scientist
Featured18 hours ago

Was Israeli Mossad Inspired By Hollywood Movie ‘The Jackal’ To Eliminate Top Iranian Nuclear Scientist? WATCH

Iran claims Israel used a remote-controlled weapon to kill the country’s top nuclear scientist, Mohsen Fakhrizadeh, on Friday. Another Assassination:...

Imran-Khan Imran-Khan
Featured19 hours ago

Pakistan PM Imran Khan Thanks China For Its Unwavering Stand On Kashmir Issue

Pakistan PM Imran Khan thanked the country’s strategic ally China for its “consistent” and “principled” stand on the longstanding Kashmir...

F-16 F-16
Americas19 hours ago

Canadian Firm To Buy Huge Number Of F-16 Fighter Jets From Israel; Could Exceed The Fleet Strength Of RCAF

The Israeli F-16 fighter jets are the A/B variant and were inducted into the Israel Air Force in the 1980s,...

Pakistan-FDI-china Pakistan-FDI-china
Featured22 hours ago

China, Pakistan Sign New Defense Deal Amid Rising Tensions With Common Foe – India

Amid ongoing tensions with India, China and Pakistan have signed a new military deal aimed to boost military cooperation among...

F18-India-Deal F18-India-Deal
Americas1 day ago

F-18 Super Hornets To Be Equipped With Hypersonic Missiles With A Striking Range Of Whopping 1600 Km

Australia will be testing a new air-launched hypersonic missile as part of the joint U.S-Australian program under the Southern Cross...