MUMBAI: With Wall Street turning bearish on the Chinese yuan , it is bad news for the rupee, which now appears to be heading to its record low against the dollar amid escalating trade tensions.Traditionally, New Delhi's currency follows its rival in Beijing as both countries aim to remain export competitive. The rupee had hit record low of 74.48 to a dollar on October 11 last year.“Exports are the key linkage between yuan and the rupee," said KN Dey, founder at United Financials. “The rupee cannot remain immune to yuan moves as Indian exporters would be hit if the local unit does not fall against the dollar. Last year too, it had increased the tariff rates, sparking trade tensions.“We are going to see a turbulent currency market amid US-China trade war ,” said Anindya Banerjee, currency analyst at Kotak Securities. “The local unit is slowly inching towards the record low levels.

Source: Economic Times May 14, 2019 17:15 UTC