Indian rupee hits record low of 70 to the dollar

Mumbai: The Indian rupee hit a record low of 70 to the dollar on Tuesday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis.

The under-pressure currency touched the psychologically important mark during mid-morning trade.

At 10.35am (IST), rupee was trading at 70.07 a dollar, reports say.

 Meanwhile, the Turkish lira weakened slightly to 6.92 against the dollar on Tuesday morning, having pulled back from a record low of 7.24 a day earlier after the central bank pledged to provide liquidity.

The lira, which closed at 6.9 on Monday, has lost 45 percent of its value against the dollar this year