Quote on Rupee By Jigar Trivedi, Anand Rathi Shares & Stock Brokers
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below is Quote on Rupee ByJigar Trivedi - Research Analyst- Commodities & Currencies Fundamental, Anand Rathi Shares & Stock Brokers
India's central bank raised the key policy repo rates by 50 basis points to 4.9%, rising for the second straight month and joined the league of central banks that has increased rates by half points in order to tame the surging inflation. Meanwhile, RBI telegraphed the withdrawal of accommodation going forward and raised inflation forecasts to 6.7% for FY23.
Though rate hikes might not help much in the supply side inflation, they could cool down the demand. Going forward, we might see the Rupee spot weakening towards new all-time lows amid weak fundamentals. Elevated crude oil prices, bounce back in the dollar index and persistent FII outflows ahead of FOMC meeting might prompt gradual depreciation in Rupee towards 78.2 levels.
Above views are of the author and not of the website kindly read disclaimer
