Wobbly stock markets to subdue rupee; global cues a concern (IANS Currency Forecast) – Mumbai News


Besides, lacklustre efficiency of lately listed IPOs together with inflationary considerations will hamper any prospects of strengthening.

Last week, rupee displayed energy to contact a excessive of 73.95 per USD earlier than giving up beneficial properties and shutting at 74.25 to a dollar.

“Wobbly stock markets and hawkish central banks have left little space for the rupee to strengthen further,” mentioned Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.

“Expect rupee to trade between 74.10 to 74.80 in coming week.”

According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities: “USD/INR pair is likely to trade between 73.7 to 74.30 mark this week.”

“We continue to favour a view that USD/INR pair is likely to strengthen towards 73.5 mark over the next few months in the medium term.”

Besides, Vakil expects investments within the type of FDI and FPi flows into fairness markets will hold the foreign money stronger within the medium time period.

“Early next year, we expect Indian treasuries to be included in the global bond indices, and that will attract more flows rushing into the country.”

In addition, Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services mentioned that subsequent week, on the home entrance, market contributors will control the Q2 GDP quantity.

“An uptick in growth number could keep the rupee supported at lower levels… We expect the dollar would continue to strengthen against its major crosses and that could weigh on the rupee as well.

“We count on the USD/INR (Spot) to commerce sideways with a constructive bias and quote within the vary of 74.05 and 74.70.”

Disclaimer: This story is auto-aggregated by a laptop program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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