Quote on Rupee - Indian Rupee spot notched a fresh record low of 78.5963 By Jigar Trivedi, Anand Rathi Shares & Stock Brokers
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Quote on Rupee 28 June 2022 By Jigar Trivedi - Research Analyst- Commodities & Currencies Fundamental, Anand Rathi Shares & Stock Brokers
“Indian Rupee spot notched a fresh record low of 78.5963 against dollar index on 28th June, owing to continued sell-off in equity markets coupled with elevated crude oil prices, which might weigh down on the net importer's fiscal balance. Rising crude oil prices once again bring back concerns on the inflation front, which might prompt the central banks to be very aggressive in hiking rates and thereby inducing a recession.
Going forward, we expect the Rupee spot to depreciate towards 80/81 levels by the year-end as twin deficits add to pressure on the emerging market currency. The Fed is expected to hike rates by 75 bps in the July meeting, while the RBI meeting is not due until August, which could narrow the yield differentials between India and US, and might further weigh down on Rupee.
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