Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
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Below the Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"The rupee traded within a narrow range of 83.90 to 83.94, with support coming from continued fund flows into the capital markets. Despite the ongoing Middle East conflict, which keeps the rupee under pressure, the capital markets have provided a stabilizing influence.
Interestingly, the rupee has not shown much positive movement despite the weakening of the dollar index, which typically would have provided some upward momentum. This suggests that market participants are adopting a more cautious approach, with speculative activities likely subdued due to the geopolitical uncertainties and other risk factors in the global economy.
Given these conditions, the rupee is expected to remain within a tight range of 83.80 to 84.00 in the near term. The market will likely continue to focus on external factors such as geopolitical developments and dollar movements, as well as the ongoing performance of the domestic capital markets, to gauge the rupee's trajectory."
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