Indian Rupees touches record low of 70.07 versus the U.S. dollar

Indian Rupees touches record low of 70.07 versus the U.S. dollar

The Indian rupee and 10-year bond prices rose on Tuesday after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India.

The rupee on Tuesday hit a record low breaching the Rs 70 mark against the U.S. dollar in opening trade. It had opened marginally higher at 69.85 against the greenback on Tuesday morning.

The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year. This has strained emerging market currencies such as India. "On a medium-term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners". The rupee has been suffering due to turmoil in the Turkey currency market raising concerns that it may impact financial institutions in Europe.

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Turkey plans boycott on USA electronics
Share prices of major European and U.S. banks have fallen, given the risks that their outstanding loans to Turkey won't be repaid. Erdogan on Tuesday maintained that Turkey's economy was under attack and that the currency turmoil did not reflect its strength.

Nervous investors were keeping an eye on developments in Ankara after yesterday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally.

"Turkish lira plunged another 7 per cent today and that caused a chaos in the emerging market space, with South African rand depreciating by nearly 10 per cent. Dollar-Rupee could not withstand that pressure", Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said.

Meanwhile, some analysts also attribute it to domestic factors at play. The rupee on Monday crashed by 110 paise, which is its biggest single-day fall in five years ending at a lifetime low of 69.93. There is lot of panic demand seen from importers...the next short-term resistance is seen at 70.50, while the important resistance to watch out for the market will be 71 per dollar.

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