Powered by: Motilal Oswal
10/03/2021 5:40:31 PM | Source: Religare Broking Ltd
The Indian rupee has been gradually inching lower By Sugandha Sachdeva, Religare Broking 
News By Tags | #2767 #607 #5695 #5681
The Indian rupee has been gradually inching lower By Sugandha Sachdeva, Religare Broking 

Below are Views On The Indian rupee has been gradually inching lower By Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

The Indian rupee has been gradually inching lower after witnessing major resistance around 72.40-72.20 area amid the surge seen in the US dollar index. Effective coronavirus vaccines and stimulus measures are working their way to boost economic growth in the US, boosting the appeal of greenback. The street is also pricing in the fact that central banks could start cutting back their support sooner than expected, due to the pick-up in inflation, which is leading to a rise in bond yields. All this doesn’t augur well for the domestic currency while rising crude prices are also acting as a headwind for the domestic currency. Going ahead, we expect the Indian rupee to drift lower towards 73.50 mark in the near term. All eyes would now be on the ECB policy meet and further progress on the US $1.9 trillion stimulus package.

 


Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here