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Published on 3/02/2020 9:56:44 PM | Source: Emkay Global Financial Services Ltd

Views Quote on Currency By Mr. Rahul Gupta

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Below is the Quote on Currency by Mr. Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services

“As expected the government missed its FY20 fiscal deficit target of 3.3% by 50 bps to 3.8% and has estimated the FY21 target to 3.5% of GDP. Also, the gross borrowing for next fiscal (FY21) has been increased to 7.8 trln which was in line with what market estimated, while kept unchanged for FY20. The bond market had priced the slight diverge in fiscal-deficit-management. Thus, we saw a sharp fall in 10-year bond yields. Meanwhile, the global concern that fast- spreading coronavirus may hamper global growth led to a gap-up open in USD/INR spot. Also, this week we have RBI policy, we expect the central bank to stand pat at 5.15% with accommodative stance, the commentary on inflation and growth forecast would be keenly watched. In the short term, coronavirus fears will keep rupee on an edge and we can expect USD/INR spot to remain within 71.30-71.75.” 

 

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