There are chances of rupee hitting 70 per dollar due to global uncertainties, said Gao Qi of Scotiabank.

The Indian rupee traded near 19-month low on Thursday after hitting a record low of 69 against the US dollar.

In the coming weeks, there will be some upside movement for the dollar-rupee and 70 per dollar would be the critical level for the current rupee because of the China-US trade deficit and global trade war, so probably dollar-rupee will test 70 per dollar level, said Qi.

The dollar index is on course to make its first quarterly gain in six, having risen 5.9 percent so far.

“I think recent depreciation in Chinese yuan is due to rising China-US trade dispute. So we see Chinese yuan underperform regional currencies,” he said.

First Published:Jun 29, 2018 9:40 AM IST