One can expect rupee to test levels around 71.50-72 against the US dollar going forward, said Khoon Goh, head of Asia research of ANZ Research.
“We are already in unchartered territory and although it is futile to project any levels, technically, one can expect rupee to test levels of 71.50-71 against dollar going forward,” he said.
The rupee breached the levels of 70 to the dollar, which is in-line with global emerging currencies.
He said the weakness in the currencies is obviously a spillover effect of what is happening in Turkey. “For India, the large trade deficit number reported a couple of days ago has put INR in the spot light. So near-term pressure on the rupee is to be expected.”
If one were to compare rupee with other Asian regional peers, then it has been the worst performing currency, he added.