Rupee Reverses Day's Losses To Close Above 70 Per Dollar: 10 Points

Rupee Hits All Time Low Against USD 10 Things To Know

The Indian Rupee has reached record low an all-time low of 70.1 per dollar on Tuesday in the wake of Turkey's economic woes.

Rupee recovered from initial dip against USA dollar.

Some currency experts are even predicting that the rupee would slide to 80 per dollar, or Rs21.8 per dirham in the coming months. What is happening in Turkey?

"Over the near term, trend of USD/INR will be dictated by Turkish lira and Euro/USD".

"Post Turkey, contagion risks for Emerging Market economies have gone up. Global investors have been shying away from risky emerging market assets in general, keeping emerging market forex including the rupee precarious", said Sajal Gupta, head of forex, Edelweiss Securities. "China's real economy and currency movement most critical indicators to be watched", senior journalist MK Venu commented.

"The Indian rupee just gave the Supreme Leader a vote of no confidence, crashing to a historic low", Rahul Gandhi, president of the main opposition Congress party, said in a tweet referring to his rival Modi.

"A slowing Chinese economy, tightening monetary policy and an escalating trade war are some of the main reasons for this turmoil into currency markets as sentiments towards emerging markets are worsening".

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. A Reuters poll estimates July inflation of 4.51 per cent compared with a five-month high of 5.0 per cent hit in the previous month.

However, Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.

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