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Below are Views On The Indian rupee has remained well anchored By Ms.Sugandha Sachdeva, Vice president - Commodity and Currency Research at Religare Broking Ltd

The Indian rupee has remained well anchored, having surged to a four-week high amid a renewed influx of foreign capital and the recent downdraft in crude oil prices. The US Fed’s commitment to keep interest rates near zero for a prolonged period, is also supporting an appreciating bias for the domestic currency. However, we reckon that 72.20 mark is still likely to curtail the recent rise in the domestic currency as the surging US bond yields and the growing demand for the greenback as a safe haven currency is likely to cap the rise in the Indian rupee. Besides, the steep rise in Covid-19 cases witnessed during the last week is creating an environment of uncertainty. We envisage the rupee to hover in the band of 72.20-73.10 in the near term.

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