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Below is the Rupee quote by Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd
Currently, the concerns around the coronavirus and the consequent economic distress is weighing on the rupee, which along with outflows from local equities will push the rupee sub-77 mark soon. There is renewed strength in the dollar index, which has pressurized the unit further to a new record low of 76.86 mark. On the other hand, market participants are looking forward to a second round of stimulus from the federal government, and that could trigger some gains in the rupee. The domestic unit is likely to trade in the 75.30 – 78.00 band in the next two weeks.
The extent of foreign equity outflows are not likely to be as much as those seen last month, and that could ease some pressure on the rupee. Moreover, the domestic currency has priced in much of the bad news surrounding the coronavirus, and the extent of depreciation in percentage terms may be lower than what was seen in March.
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