Rupee breaches 70-mark against dollar, recovers

New Delhi: The rupee on Tuesday breached the historic low of 70-mark against the US dollar before recovering at close on suspected RBI intervention even as the finance ministry dismissed concerns over its sharp fall and experts suggested that the dip is expected to boost exports as it will make goods and services competitive.

The Indian currency crashed below the 70-mark in early trade to touch an all-time low of 70.10, a day after bloodletting in global markets due to worries over Turkish economic crisis and a sharp plunge in the lira. The rupee finally settled at 69.89 on Tuesday, showing a modest gain of 4 paise over the previous close.

Ajay Sahai, director general and CEO, Fede-ration of Indian Export Organisation  (FIEO), said, “Indian rupee touching 70 against US dollar should help Indian exports to grow at fast pace.”

The sectors which will benefit include agrimarine, low engineering export, handicrafts and carpets, among others.