The rupee erased early gains to hit an all-time low of 70.09 against the US dollar on Tuesday, falling 16 paise and breaching the psychological 70 mark.
The currency had recovered slightly from 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade at the interbank foreign exchange market today on some macroeconomic boost.
On Sunday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to another record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.
The turmoil in Turkey has dampened investors' sentiments globally. Investors are turning to dollar as safe haven with Turkeys currency lira crisis continuing since the last week.
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(Agency inputs)
