USD/INR hits fresh record high above 71.00

• INR sell-off continues on current account deficit fears.
• EM currency slide and importer demand are likely adding to INR's woes.

The USD/INR pair hit a new record high of 71.26 earlier today and was last seen trading at 70.95.

The Indian rupee continues to lose altitude, courtesy of rising oil prices and the resulting current account deficit fears. The sell-off in Turkey's lira and the resulting slide in the emerging market currencies is likely hurting the INR as well.

Experts are also associating the drop with the month-end importer demand for the US dollars.