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Inflow to further strengthen the rupee, major risk of inflation (IANS Currency Watch)




Mumbai, March 21 Due to sustained foreign influx due to numerous upcoming IPOs …

Inflow to further strengthen the rupee, major risk of inflation (IANS Currency Watch)

Mumbai, March 21 The sustained foreign influx associated with numerous upcoming IPOs is expected to strengthen the Indian rupee in the coming week.

Therefore, due to these factors, the rupee is expected to exceed the current 52-week highs.

This could allow the RBI to absorb the dollar to reduce the rupee.

“The rupee shows no signs of weakness. The large influx behind numerous IPOs in March helped the local currency. The rupee is currently performing best in the past month. It has emerged as a currency. The major risk of the currency. “

“Next week’s range is expected to be 72.40 to 72.80.”

Last week, the rupee closed flat at $ 72.57.

Devarsh Vakir, Deputy Head of Retail Research at HDFC Securities, said:

“The rupee will rise and try to break above this week’s high of 72.26. At that point, the RBI will intervene to absorb the dollar near 72 levels and prevent further rises. Minus On the face of it, 73.6 remains a strong barrier for weeks. “

The central bank of India is known to enter the market through intermediaries to buy and sell US dollars to keep the rupee on a stable track.

“There is still speculation that the dollar’s appreciation is active in the early Fed rate hikes. At the same time, the rapid spread of the coronavirus threatens a regional or partial blockade. This will put upward pressure towards 72.95. ” Rahul Gupta, Head of Research Currency, Emkay Global Financial Services.

“But increasing covid vaccination drives may leave risk appetite intact.”

Gaurang Somaiya, Forex & Bullion Analyst at Motilal Oswal Financial Services, said:

(With input from IANS)

Disclaimer: This post is auto-published from the agency feed without modification of the text and has not been reviewed by the editor.

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