70.50 per dollar is the resistance level for rupee and it is unlikely to breach that, said Venkat Nageswar Chalasani, deputy managing director, global markets, State Bank of India.
However, he said "if it breaches, we will look at a change in the big figure of 71 per dollar as well".
On Thursday the rupee continued to weaken to hit an intra-day low of 70.32.
“The major reason for the rupee depreciation is on account of the external factors. Of course, the trade deficit is also added to it. Having said that, the major concern that we are looking at is because of the change in the big figure that is attracting the attention,” he said.
“Till the time the depreciation of the rupee does not affect the inflation, Reserve Bank of India (RBI) would not trigger the interest rate action. That is what I feel,” said Chalasani.