Rupee may touch 70 a dollar in a month or so, says Deutsche Bank

The rupee could touch 70 level against the US dollar in a month's time, although some revival of the currency is expected by the end of the year, Deutsche Bank said in a research note on Wednesday.

The rupee on Wednesday continued its free fall, plunging to 64.54 against the dollar for the first time ever before recovering some ground to end at 64.11, still down a staggering 86 paise to a fresh closing low. "Fundamentally the rupee is undervalued and has overshot its equilibrium level substantially," the German banking major said adding "under a scenario of deep pessimism, currencies can overshoot substantially and remain so for a long time. India, we fear, is entering such a zone."