Rupee breaches the 70 mark: How it's bad, and how it's good

Indian rupee hits record low as domestic indices suffer because of Turkish lira crisis

Indian rupee hits record low as domestic indices suffer because of Turkish lira crisis

Almost three-fourths of the respondents believed the local unit could touch 69 to the dollar with some even pointing to 70 by December-end.

The rupee hit an all-time low of 70.1 to a United States dollar Tuesday morning on concerns over Turkey's economic woes.

The weakness of the Turkish lira has strained market currencies in Asia. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.

The euro hovered near one-year lows against the dollar and the Swiss franc as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies.

According to NDTV, analysts have stated that crisis has been pending for a while and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

At press time, USD/INR is trading at 69.52. The next bi-monthly policy is to be unveiled on October 5.

Any intervention by India's central bank may not do much to stabilise the rupee as a fall in the currency is due to global factors, a senior finance ministry official said on Tuesday.

Meanwhile, the benchmark Sensex fell 284.27 points, or 0.75 per cent, to 37,584.96 in opening trade today.

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