The rupee falls to a record low against the dollar, USD/INR surpasses 70.00
It is the first time on record that USD/INR trades above the 70.00 level as India is among those to have caught the flu from the Turkey situation. Emerging markets were badly hit yesterday and though there is some signs of recovery today, the Indian rupee is not joining in on that.
Much like most emerging market economies, tipping the scale of one often triggers a domino effect and the Indian rupee's decline is a prime example of that. The Turkish lira's potentially "full-blown currency crisis" is sparking worries among emerging market economies and at the moment, the rupee is bearing the brunt of those concerns.
