Rupee may cross 70 in the short-term, but only for a brief period: Experts

The rupee may cross 70 in the short-term, but only for a brief period, according to currency dealers and economists.

Even as the rupee hit a lifetime intra-day low of 69.09 on Thursday, the Reserve Bank of India’s (RBI’s) intervention brought it back to 68.36. It closed at 68.47 against the dollar, lower than its previous close of 68.79.

The main reason for rupee’s depreciation is rising oil prices, caused by the sanctions on Iran and flat production by other oil producing majors. The recent tariff war imposed on China, and the resultant depreciation is also working as a pressure point for