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Perspective on Rupee hitting an all-time low By Mr. Nish Bhatt, Millwood Kane International
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Below is perspective on Rupee hitting an all-time low By Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
The Indian rupee has depreciated nearly 6% in the past 1 year, in the process hitting multiple lows. The INR hit a fresh all-time low due to a rise in the Dollar index and concerns around global economic growth.
The weak economic data around the world, especially in China has put pressure on the dollar index which hit a nearly two-decade high. Domestically, we are witnessing an outflow of funds as investors move funds to high-yielding investment instruments. A rise in interest rates in the US will result in further outflows.
We expect the currency to face pressure as inflation is on an upward spiral raising concerns about further rate action by the central bank.”.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
