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The Indian rupee today hit a record low of 70 to the US dollar, weakening almost 8 paise in trade over Monday's close. The currency was last seen trading at 68.88 to the dollar, after slipping to as low as 70.08 in intra day trading.
The US dollar has gained substantially against emerging market currencies since Monday, triggered largely after a collapse of the Turkish Lira against the American currency.
US President Donald Trump has threatened to levy fresh tariffs on steel imports on Turkey, which resulted in a plunge in the Lira to record lows, which in turn hit emerging market currencies like India.
Meanwhile, Indian stock markets continued to remain resilient, and the Sensex was up almost 0.75 per cent by 1.40 pm. However, most analysts expect the Indian markets to fall, as Foreign portfolio Investors may sell given the weakness in the Indian currency.
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