Rupee headed towards 72 levels; IT, pharma stocks to benefit, say analysts

After a firm opening, the rupee hit an all-time low of 70.1 per dollar on Tuesday, as concerns of Turkey’s economic crisis, triggered by plunging Turkish lira, aided the dollar to gain against all major global currencies. The sell-off spilled over to other emerging-market currencies after the country’s president showed no signs of backing down in a standoff with the US. On Monday, the currency had recorded its biggest intra-day fall in five years, hitting a low of 69.93 per dollar. The rupee has dipped by 9 per cent to date in the year – making the Indian unit the worst performing currency in the Asian region – while lira lost its value by 45 per cent and the Russian ruble by about 15 per cent.

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