Indian rupee drops to 19.05 vs dirham for the first time

Indian rupee hits record low as domestic indices suffer because of Turkish lira crisis

The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the U.S. dollar in early trade, on some macroeconomic boost. Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall.

An ET poll in June had said rupee could touch 70 to the United States dollar by December-end amid global policy uncertainties. "If all EM currencies are depreciating, the rupee must weaken to protect export competitiveness".

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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. This has strained emerging market currencies such as India.

The rupee crashed to a fresh lifetime low of 70.09 against the dollar as investors were nervous that the plunge in the lira could prompt capital outflows from other emerging economies that run a hefty current account deficit and rely on foreign capital. The rupee traded in the range of 69.93-69.41 against the American currency before closing at the day's lowest point. Other emerging market currencies plunged as investors preferred safe-havens such as the USA dollar and the yen after a plunge in the Turkish Lira. Previous resistance for the currency was 69.50 and a fall below that triggered stop losses from importers.

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