The rupee hit an all-time low of 70.1 per dollar earlier on Tuesday, as concerns about Turkey's economic woes spreading to other emerging markets like India persisted. The Turkish currency crisis has strained emerging market currencies such as India. The currency opened at 69.84 against the dollar and touched a high of 69.75 before falling to 70.08 at 10.34 am, Mint reported.
Analysts attributed the weakness in Turkish lira as one of the key reasons for rupee to be under pressure.
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Prior to this, the currency ended 110 paise lower at 69.93 on Monday against its Friday's close of 68.83, which was a biggest single session decline against dollar since September 3, 2013.
"Technically, should the rupee climb above 71, then we see the rupee going to 80 within four to six months".
Asian currencies except Japanese yen trade on a weaker footing. Apart from the US-China led trade rhetoric's, he said the US Federal Reserve's reiteration of its steady rate path and the emerging concerns around major European banks' exposure in Turkey have added another layer of uncertainty in the markets.
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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.
Amit Chavda said the prime minister had "mocked" former prime minister Manmohan Singh when the rupee depreciated. Previous resistance for the currency was 69.50 and a fall below that triggered stop losses from importers.
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