SME Times is powered by   
Search News
Just in:   • Goyal urges textile industry to focus on speed, skill and scale  • Goyal reviews the Amended Technology Up-gradation fund Scheme  • Stage set for pvt investment cycle  • Service rendered by govt, not its agency, only exempt from GST  • Cochin Airport ventures into hydropower production 
Last updated: 21 Aug, 2021  

Rupee.9.Thmb.jpg Strong greenback likely to pound Indian rupee

   Top Stories
» Goyal urges textile industry to focus on speed, skill and scale
» Goyal reviews the Amended Technology Up-gradation fund Scheme
» Stage set for pvt investment cycle
» PM interacts with domestic vaccine manufacturers
» Goyal calls for free trade within rules-based multilateral trading system
SME Times News Bureau | 21 Aug, 2021
A strong US dollar as well as global concerns over the Covid-19 pandemic is expected to weaken the Indian rupee further during the upcoming trade week.

"Global cues such as a strong US dollar as well as a weak CNH (Renminbi Offshore) will weaken the Indian rupee further. It is expected to trade between 74.25 to 74.60 with an depreciation bias," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.

On Friday, the rupee marked its biggest weekly loss in one-and-a-half months, although it was better than its Asian peers.

It weakened to 74.36 per USD due to US Fed's tapering fears and softer commodity prices.

"Concern that the Delta virus strain could derail the global recovery led to safe haven buying in dollar and risk sentiment took a severe beating this week," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.

"Fears of early tapering by US Federal Reserves led to strength in dollar. Dollar index rose to the highest level since November. Spot USDINR is still in the range of 74.50 to 74.10 this month. We expect it to appreciate back to 74-mark next week," Vakil added.

Gaurang Somaiya , Forex & Bullion Analyst, Motilal Oswal Financial Services, said: "Volatility for the dollar could remain elevated ahead of the important Jackson Hole Symposium that is scheduled next week. Expectation is that the Fed Chairman could signal that the US central bank is ready to start easing monetary support.

"For the week, the USDINR (Spot) is expected to trade with a positive bias and quote in the range of 74.05 and 75.20."
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 25 Oct, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter