Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles
Rupee vs Dollar: Currently, USD to INR spot reference is quoting at 73.80 levels, off 28 paise from the close on Monday.
Rupee vs Dollar: On account of Coronavirus spreading at a fast rate in the US and European countries, the Indian Rupee (INR) is expected to continue nosediving against the US dollar (USD) in near future. According to the currency and Forex Market experts, the Indian Rupee may break its all-time low of Rs 74.78 per dollar and hit Rs 75 per dollar levels in the next one month as Coronavirus will continue to impact the global economy for at least this much of period from now.
Speaking on the Rupee to Dollar deviation Anindya Banerjee, Research Analyst — Derivative and Currency at Kotak Securities said, "Rupee is nosediving because of the Coronavirus affecting the global economy. USD to INR has corrected sharply from the highs of 74.78 spot reference towards 73.50 in the offshore market yesterday. Currently, USD to INR spot reference is quoting 73.80 levels, of 28 paise from the close on Monday. Last night, almost all major global equity indices rebounded very strongly, on the back of the announcement of fiscal stimulus from major economies around the globe. However, today, Asia is bleeding, with US stock futures down over 2 per cent. Volatility is here to stay and hence, USD to INR too may move higher after a gap down."
See Zee Business Live TV streaming below:
He said that INR may hit 75 per USD levels in the next one month as Coronavirus has affected the global economy to such an extent that its impact will last for at least one month period from now.
Commenting upon the reason for dip in Indian Rupee against the US dollar Anuj Gupta, Deputy Vice President — Currency and Commodity trade at Angel Broking said, "Though Coronavirus hasn't affected India the way it has affected Europe and the US, it has hit the global economy to a larger extent and its impact is visible on the speculation of the US stimulus package to contain COVID-19 virus impact. If that happens then the US Dollar will gain some lost ground leading to further tumble in the Indian Rupee."
He said that rupee's immediate target is 74.50 and if this target is achieved then it may go down by a further 50 to 60 paise. He said that currently, rupee has resistance at 73.20 levels means Rupee is trading in the range of 73.20 to 74.50. The bullish or bearish trend will be decided on the breakage of either side of the rupee to a dollar range.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
HDFC Bank's new credit card offers customers to decide their billing cycle, reward points and cashback; know more about it
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
10:59 AM IST