Rupee may fall to 70 per Dollar

The strong dollar put pressure on most major & emerging currencies, rupee was the worst hit in Asia. The rupee has lost nearly 3 percent in the month of July alone. The next trigger for the rupee will now come from the FOMC policy minutes on July 10 and that would set the direction for most assets.
there are reports of the Reserve Bank of India (RBI) intervening at 61.20 levels, the markets haven’t taken these interventions seriously. After a short bout of gains, the currency continued to remain weak.
We import 80 per cent of our crude requirements and so dollars […] Read more