INSUBCONTINENT EXCLUSIVE:
and expect the rupee to fall further to below 70 per dollar."The current drop in rupee is mainly due to the crisis in Turkey
Dollar index has strengthened beyond 96 levels reflecting its safe haven status due to possible domino effect of the Turkey crisis on the
other financial institutions," Salil Datar, CEO and executive director, Essel Finance Forex, told TheIndianSubcontinent."Given the
prevailing risk aversion in the global markets, we don't rule out that the rupee will briefly cross 70/dollar before retracing to 69/dollar
markets currency pack, Ms Nayar said.The lira has fallen about 45 per cent against the US dollar so far this year on worries over Turkish
President Tayyip Erdogan's increasing control of the economy and a deepening diplomatic rift with the US."If all EM currencies are
depreciating, the rupee must weaken to protect export competitiveness," Ms Nayar added."The rupee can see further dip till 70.25 levels on
the other side, we could be seeing 69.60 levels if today's favourable inflation data is backed by a moderation in the awaited trade
deficit figures," Mr Datar further said.(With agency inputs)
