Rupee may reach 70?

Rupee quickly fell to a new record low on Wednesday morning, before dropping further late in the day, to close at Rs68.85 to the dollar – a decline of 3.8 per cent. It was the biggest one-day percentage fall since October 1995, underlining the rupee’s position as one of the world’s worst performing currencies this year.

The sharp declines come amid concerns over rising oil prices, ahead of possible western military action in Syria – which would hit India’s oil import-dependent economy especially severely, potentially worsening its current account deficit.

If tension in middle east continue , we will see rupee touching its psychological level of 70 soon.