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Rupee falls to record low

The rupee fell 0.94% or 65 paise to 69.48 per dollar in early trade today, hitting a record low on account of fears that Turkey may be headed for a financial crisis.

A falling lira has kept investors away from riskier assets. The sharp decline in the currency can be attributed to a weak external position with respect to current account deficit and inadequate currency reserves as well as the unstable political environment in Turkey.

However, the lira has recently come under tremendous pressure as US President Donald Trump approved higher tariff plans against Turkey.

Further, sentiment spillovers are expected in the emerging market currencies and risky assets in the near term.

The dollar-rupee August contract on the NSE stood at 68.99 in the previous session. The August contract open interest fell 1.86% in the previous day, as per ICICIdirect.

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