Rupee slumps below 70 against USA dollar

Rupee Opens at Record Lows Against Dollar On Back of Turmoil in Turkish Lira

However, the rupee erased all morning gains to hit an all-time low of over 70 a dollar.

Traders said, on the condition of anonymity, that rupee recouped some of the losses as state-run banks sold the dollar on behalf of the Reserve Bank of India. He said that $23 billion of the country's foreign exchange reserves have been used to defend the rupee. It had ended at 68.84 to the dollar on Friday.

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"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.

According to reports, heavy sell-off in global currencies, including Turkish lira, fueled demand for safe-haven assets and caused the rupee to nosedive. The 10-year benchmark bond yield rose to 7.80 per cent from its previous close of 7.75 per cent, tracking the weakness in rupee. However, according to an Economic Times report, Turkish lira, Russian ruble, Argentine peso have significantly weakened against the dollar.

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Traders will also watch out for India consumer inflation data for July due after market hours for further direction. "Importers were seen aggressively buying dollars in the forward market putting further pressure on the rupee", said Abhishek Goenka, chief executive officer (CEO), India Forex Advisors.

On what could happen if the fell to 80 against the dollar, Garg said it will not be a concern, provided all other currencies depreciate in the same range. This is the biggest single day fall for the rupee in the past five years. The RBI has been intervening very selectively in the market.

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