There is a risk of rupee breaching 70/$ and today’s move will depend on Reserve Bank of India’s reaction, said Ananth Narayan, professor at SP Jain Institute of Management and Research (SPJIMR).
“I do think the pressure on the rupee will continue,” Narayan said.
Also Read: Evaluating India’s currency contingency plan
He said that Indian macros are very different from Turkish situation.
“Indian macros are much stronger than those of Turkey,”
The Turkish lira sank to a fresh record low of 7.24 to the dollar in early Asia Pacific trade, as investor worries over the state of the economy and deteriorating ties with the United States continued to drag down the currency.
“Asia relatively has been well behaved, if you compare what is happening in Indonesia, Korea, China and now India compared to what is happening in South Africa, there is a big difference,” he said.