Asking for a intercession letter , write it and send it together . and i am using the laptop camera too , maybe we film the intercession . <| sep |># Indian rupee hits record low against US dollar , may touch Rs 70 in near term 621 x 414 LiveMintPeriod 220161125 P h otosProcessedcurrencykdME 621 x 414 LiveMint . jpgThe home currency opened at 68 . 76 against the US dollar and touched its alltime low of 68 . 86 on Thursday . Photo Ramesh PathaniaMintMumbai The Indian rupee fell to record low against the US dollar on Thursday , and may hit a level between Rs 7072 per dollar in the near term , analysts said . The estimation of a sharp fall in the rupee arises from expectations that there will be little intervention by the Reserve Bank of India RBI , as the regulator may want to preserve foreign exchange reserves and utilise it judiciously . At 3 . 23 pm , the rupee was trading at 68 . 73 a dollar , down 0 . 23 % from its previous close of 68 . 57 . The home currency opened at 68 . 76 against the US dollar and touched its alltime low of 68 . 86 . So far this year , it has fallen 3 . 9 %. In morning trade , the Reserve Bank of India intervened in the market to support the local currency and it recovered to 68 . 59 . But the rupee erased the gains as the dollar continued its surge . Earlier a Bloomberg report quoting an anonymous finance ministry official said that the fall in the rupee was in line with the global currencies and higher US bond yields . The RBI will take appropriate action to deal with the currency decline , the Bloomberg report saidOn Wednesday , India Ratings Research Pvt . Ltd and Deutsche Bank had said in separate research reports that the RBI is likely to preserve forex reserves and utilise them judiciously , given the global risk aversion and greater probability of a US Federal Reserve hike . The sharp strengthening of the dollar also kept emerging currencies under pressure which hit or near multi year lows . Turkish Lira hit record low , Philippines peso fell to nearly eight year low , South African rand set for first monthly decline since August , Malaysian ringgit was longest daily losing streak in five years , Indonesian rupiah set for worst month since September 2015 , Thai Baht heading for first back to back monthly drop this year , Chinese Yuan poised for worst annual drop this decade and Korean won nearing May lows , according to the Bloomberg report . The key area of concern for emerging markets has been the protectionist measures and trade negotiations that the US Presidentelect , Donald Trump , is expected to undertake . Dollar on the other hand has strengthened on expectation on expansionary fiscal policy and thus stronger growth in US , Edelweiss Securities said in a report to its investors on Thursday . The redemption pressure of foreign currency nonresident FCNR deposit , which analysts expect is scheduled for the second half of the November , may also create excessive dollar demand . In September 2013 , RBI had floated a special FCNR deposits to curb a drastic fall in rupee through which it had raised closed to $ 29 billion worth deposits . These deposits are now coming up for redemption . We believe that the current weakness in rupee will continue over the next few days . The pressure is expected to ease once liquidity in the system normalizes and FNCR redemption pressure eases , the Edelweiss report said . We expect both these conditions to subside by the end of November . This appears to be a short term trend of rupee weakness and long term dynamics dictates a stable rupee due to falling inflation , contracting interest rate and inflation differentials with major trading partners , the report added . India Ratings Research Pvt Ltd believes that the selling pressure from foreign institutional investors FIIs in the equity and debt markets will keep the rupee trading with a weakening bias in the near term . Moreover , portfolio investment outflows from domestic bond markets and the weak equity market will deepen the pressure on the rupee . So far in November , FIIs have sold a combined $ 3 . 18 billion in local equity and debt , the steepest selling seen in three years . Most brokerages have revised their year end forecast for the currency . BNP Paribas estimates the currency will be at 68 a dollar till year end against 66 . 5 a dollar of its projection . Deutsche Bank expects the currency to breach 70 by the year end and 72 . 5 a year later . HSBC Global Research in a 16 November note said that it expects that rupee may weaken to 68 . 0 by end 2016 and 69 . 5 by end 2017 . India ' s benchmark Sensex index was trading at 25 , 846 . 89 points , down 0 . 8 % or 204 . 92 points from its previous close . So far this year , it has fell 1 . 1 %. The benchmark 10 year government bond yield was trading at 6 . 22 % a level last seen on 6 May 2009 , compared to Wednesday ' s close of 6 . 28 %. Bond yields and prices move in opposite directions . The dollar index , which measures the US currency ' s strength against major currencies , was trading at 101 . 71 , up 0 . 01 % from its previous close of 101 . 65 . Version 0 . 5 b Function I post the article ' s text as a comment if the website is adblocker unfriendly . I accept commands ! Powered by