A day after the rupee plunged to record low, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored. The Indian currency on Tuesday crashed to a lifetime low of 70.09 on concerns over Turkey's economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies.

Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar, the minister said in a series of tweet.