![]() ![]() This cookie policy should be read together with our Privacy Policy.īy continuing to browse or use our sites, you agree that we can store and access cookies and other tracking technologies as described in this policy. This cookie policy explains how and why cookies and other similar technologies may be stored on and accessed from your device when you use or visit websites that posts a link to this Policy (collectively, “the sites”). understands that your privacy is important to you and we are committed for being transparent about the technologies we use. Check Business Breaking News Live on Zee Business Twitter and Facebook. ![]() Get Latest Business News, Stock Market Updates and Videos Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. "In a fundamental sense, the movements of the rupee reflect the resilience of the Indian economy," as per RBI Governor. The depreciation and the volatility of the rupee in the current phase of multiple shocks is far lower than during the global financial crisis and the taper tantrum, Das said. However, a smaller CAD and favourable growth differential will lend some support to INR.” Gupta noted.Īlso Read: Rupee least volatile among Asian currencies, reflects resilience of economy: Shaktikanta DasĮarlier in February, the Reserve Bank of India Governor Shaktikanta Das had said that the “rupee has remained one of the least volatile Asian currencies in 2022 as well as 2023 so far.” “On a quarterly basis, we see USD/INR inching towards 82.5/$ in Q1, 83/$ in Q2 as the Fed rate hikes are materialised, and also see the rupee inching closer to the 84/$ mark, by the end of FY24. She also estimates that the FPI flows may remain muted in FY24, led by the elevated Fed rates and China opening up and this will have a negative impact on the rupee. Similarly, the economist expects CAD to be in the range of 3-3.5 per cent in the current financial year and this will likely narrow to 2.5-3 per cent of GDP in FY24, which would provide some comfort to Indian Rupee at the margin.Īlso Read: Pakistan's rupee continues speedy crash against US dollar, suffers another big fall Markets are waiting for a rate decision from the Bank of England later in the day while also watching India's inflation numbers, due Friday.With the Fed widely accepted to hike rates by another 50 basis points (bps) in the next two meetings, the gap between US and India policy rates may narrow to a record low of 125 bps, she added. "Overall, the CPI outcome shall support the view that the Fed is done tightening, but it may not be dovish enough to justify the hefty rate cuts currently priced by the market," analysts at OCBC wrote in a note.įutures indicate a rate cut in September. inflation, which slowed slightly more than expected last month, offered little clues to the Federal Reserve's rate trajectory. If the support at 81.85 for USD/INR holds, another upswing is possible, which may not be directional, until the resistance at 82.2 is broken, said Anand James, chief market strategist at Geojit Financial Services There were no major inflows or outflows during the day," said Dilip Parmar, research analyst at HDFC Securities.Īsian currencies were also mostly weaker through the day. "What we saw in rupee is more of reflections of the dollar index. The dollar index rose 0.46% on Thursday after holding stable following U.S. dollar on Thursday, against the previous session's 81.9850. MUMBAI, May 11 (Reuters) - The Indian rupee weakened on Thursday, closer to the near two-week lows hit earlier this week, weighed by broad strength in the dollar index.
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