USD/INR hits new lifetime high above 70

• The Indian rupee hit a new record low of 70.17 on Tuesday.
• EM currencies continue to take a beating, courtesy of turmoil in Turkey.

The USD/INR breached the psychological mark of 70.00 and jumped to a lifetime high of 70.17 on Tuesday.

The analysts are associating the sell-off in rupee with the turmoil in Turkey and the resulting sell-off in the emerging market currencies.

The Indian rupee has depreciated by 9.6 percent on a year-to-date basis and is one of the weakest performing Asian currencies this year.