Rupee hits record low of 70 to dollar, touches 19.05 vs dirham

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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.

The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the United States dollar in early trade, on some macroeconomic boost.

The US dollar has gained strength as experts fear that the economic crisis in Turkey could soon spill over its impact on global economies.

South Africa, Argentina, Mexico, Brazil and Russian Federation have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar. This is the biggest single day fall for the rupee in the past five years.

India is a massive net importer of oil, securing more than two-thirds of its needs from overseas.

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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. On Friday, the rupee had lost 15 paise to end at 68.83 against a resurging dollar.

The weakness of the Turkish lira has strained market currencies in Asia.

Forex dealers said selling of the greenback by banks and exporters supported the rupee. 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.

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

Investors preferred safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower. He opined that on a medium term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners.