Indian rupee drops to 19.03 vs UAE dirham

Indian Rupee at all time low

In early trade today, the rupee crossed past the psychological 70-mark to hit an all-time low of 70.08 a dollar for the first time amid concern over the risk of contagion from Turkey's financial-market turmoil.

The rupee recovered three paise from the previous day's close of 69.93. "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.

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 Indian rupee breaching 70 mark is not because of India-specific factors, but on account of risks of a global contagion emerging on account of the weakening Turkish Lira against the USA dollar.

Analysts said a rise in the 10-year benchmark bond yield to 7.82 percent on Tuesday reflected concerns about rising government borrowing costs in the market.

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Rupee recovered from initial dip against United States dollar. Core inflation eased to 6.1% from 6.4% a month ago.

Subhash Chandra Garg, economic affairs secretary at the finance ministry, said the rupee was still performing better than some other currencies and the country had sufficient foreign exchange reserves.

SBI Chairman Rajnish Kumar said all currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies. "However, July CPI coming in at 4.17 per cent will relieve some pressure on interest rates and the rupee in the near term", said Deepak Jasani, Head of Retail Research at HDFC Securities.

He said the RBI has spent about $23 billion so far to intervene in the market.

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