Reacting to the weakness seen in the domestic currency on Monday, CNBC-TV18's Udayan Mukherjee said the Reserve Bank of India is standing at the door post and would take care to defend 70 levels.

The rupee was trading at 69.60 to the dollar.

He said the Turkey situation could likely blow over without scaring India too much.

"The stock market may not be too perturbed by it because they have been resilient till now. So it may not be a massive selloff for the market but it is not a situation to be complacent about on the forex or equity side," he said.

"So for traders, as of now every dip would be a buy. The trader sentiment may not change until something happens on the charts to tell them not to buy," Mukherjee added.

According to him, if the global markets remain weak then the only risk to the market is that the recent turnaround seen in FII buying may turnaround.

First Published:Aug 13, 2018 1:30 PM IST