Rupee May Slide to 73/Dollar on Breach of Record Low
The Indian rupee could slide the distance to 72-73 for each dollar on the off chance that it breaks the August 2013 record low of 68.85, says Rohit Srivastava, fund manager of domestic brokerage Sharekhan.
Rupee May Slide to 73/Dollar on Breach of Record Low
“The rupee is drawing close to an inflection point. If you go past that (68.85), I am taking a gander at now going to 72/73 on the coin,” The rupee has effectively fallen 3.5 percent this year and is among the most noticeably bad performing Asian coinage.
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“The pressure is in the bond sector is working up. The pressure on the cash is working up. That blend is basically the same what we saw in 2013 when US security yields were additionally shooting up between May and August of that year,” he said.
The about $2.5 billion reclamation from values in initial two months of 2016 has pressure on the rupee,
The renewed weakness in the rupee comes at once, when the financial backing is round the corner. Experts say real disillusionment in the budget might put further pressure on the rupee, according to the NDTV reports.