Rupee hits record low of 70 to dollar, touches 19.05 vs dirham

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

"Broader emerging-market currency movement, dollar strength, and the trend in crude oil prices will drive the outlook for the rupee in the immediate term", Aditi Nayar, principal economist at ICRA Gurugram, near New Delhi, wrote in a note Monday.

The rupee registered a sharp decline of 109 paise to close at 69.93 against the U.S. dollar on Monday - the biggest single-day drop in past five years. The unit is down about a fifth against the greenback since Friday.

A selloff in Turkey's lira spread to other emerging market currencies, with the rupee losing the most since September 2013.

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.

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The rupee settled almost unchanged on Tuesday, after weakening to a fresh all-time low of 71.10 against the United States dollar amid prevailing weakness in emerging market currencies. The Turkish currency crisis has strained emerging market currencies such as India.

At press time, USD/INR is trading at 69.52. Earlier this month, the RBI raised rates to the highest in two years against the backdrop of an economy that's growing faster than any other major nation.

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

He said the rupee's fall was mainly due to external factors and any further selling of dollars by the Reserve Bank of India (RBI) - it has already spent about $23 billion on intervention - may not help to further stabilise the rupee.

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