Indian rupee drops to 19.05 vs dirham for the first time

Rupee Breaches 70 A Dollar As Turkey Rout Complicates RBI's Job

The rupee erased early gains to hit an all-time low of 70.1 per dollar on Tuesday, as concerns about Turkey's economic woes persisted.

The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say.

The intervention aided the rupee stabilise just a tad below 70 to a United States dollars at 69.98 around 11.05 a.m.

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A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, brokers said. The question is whether the Turkey contagion will spread to other emerging markets. Although it recovered quickly to 69.97 at the interbank foreign exchange market, the drop left everyone talking online.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the United States currency amid fears that Turkish currency turmoil could turn out into a global financial crisis.

Asian currencies except Japanese yen trade on a weaker footing. Previous resistance for the currency was 69.50 and a fall below that triggered stop losses from importers. "On the downside, support is around 69.30 levels", Rushabh Maru-Research Analyst at Anand Rathi Share and Stock Brokers, told Moneycontrol.

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