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Rupee to remain steady on stimulus hopes
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SME Times News Bureau | 15 Aug, 2020
Healthy foreign fund inflows along with expectations of a domestic
stimulus are expected to strengthen the Indian rupee in the short term.
"Markets
are awaiting further US and domestic stimulus as well. Till now,
sentiment has remained positive even on back of record number of new
Covid-19 cases in India on a daily basis," said Sajal Gupta, Head, Forex
and Rates, Edelweiss Securities.
"The expected range for rupee may be 74.50 to 75.20."
Last Friday, the rupee slightly weakened to 74.90 against a greenback.
"The
important event for all asset classes are the US-China trade talks
scheduled for tonight. Trump has been bashing China for the outbreak of
coronavirus infection so any negative outcome may lead to an influx of
widespread risk aversion, pushing the USD-INR spot higher," said Rahul
Gupta, Head of Research-Currency, Emkay Global Financial Services.
"Technically,
only a consistent trading above 75 will open doors for 75.50. Thus, we
expect USD-INR spot to continue trading in between the broader range of
74.50-75.50."
According to Devarsh Vakil, Deputy Head of Research
at HDFC Securities, "Recent economic data and weaker dollar index has
helped in recent appreciation of the rupee in the short run. However,
with short positioning reaching extreme levels, recent shorts may face
the risk of a corrective move higher given that the short US Dollar
trade is looking crowded."
"Alongside this, given the volatility
is rising in riskier assets and global risk appetite is waning, the US
Dollar may begin to reverse course."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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