Below is the Views on weekly quote on Rupee by Mr. Vaqarjaved Khan, Research Analyst, Angel Broking Ltd.
“In the week gone by Indian rupee appreciated by 0.04 percent and currently stands at 74.9 against the US dollar. In a World BanK report in the past week they projected a steeper contraction than the 3.2 percent they had earlier forecasted in FY21 for India on account of the rising cases of coronavirus in India and the resultant regional lockdowns from the same. The US FED meeting minutes that were released during the past week projected a grimmer outlook for the US economy with the officials at the meeting agreeing that the ongoing health crisis would weigh heavily on economic activity, employment and inflation in the near term. The pandemic is capable of posing considerable risks to the US economy over the medium term as well.
With a grimmer outlook for both US and Indian economies USDINR is likely to move in the range from 74 at the lower end of the spectrum and 76 at the higher end of the spectrum in the current week. (24th-28th Aug 2020).”
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