IANS | 18 Apr, 2023
The Indian rupee is expected to gain against the US dollar in the next
fortnight, said Bank of Baroda in a research report.
According
to the Bank of Baroda report authored by Economist Aditi Gupta, the
Indian rupee is most likely to make further gains against the US dollar
in the next fortnight with a range of Rs 81.5/$ - 82.5/$.
In
April this year, the Indian rupee gained 0.4 per cent building on a gain
of 0.6 per cent it made in March 2023. While oil prices increased,
weaker dollar, foreign portfolio investment (FPI) inflows and
improvement in external outlook supported Indian rupee to gain, the
report said.
The report said in April the dollar index fell by
0.9 per cent on the expectation that the US Federal Reserve is nearing
an end to its rate hike cycle gaining momentum, the report said.
The
European Central Bank (ECB) and the Bank of England are expected to
continue with their rate hike cycle owing to the stickiness in the
inflation.
