INR vs USD: Rupee may climb 67 per dollar in forex trading by April end
As the majority of the opinion polls post-surgical strikes indicating strong and stable NDA government after the Lok Sabha Polls, rupee may surge to 67/dollar by April end.
Rupee vs Dollar: On account of FIIs pumping money into the Indian corporate bonds and equity markets, RBI showing indication of not intervening into the rupee versus dollar trade and majority of the opinion polls post-surgical strikes indicating strong and stable NDA government after the Lok Sabha Polls at center, forex experts are speculating Indian currency to climb up to Rs 67/dollar levels in forex trading.
Speaking on the rupee versus dollar deviation Anindya Banerjee, analyst at Kotak Securities told Zee Business online, "AFter the RBI announcement on swap option, FIIs showing faith in Indian corporate bonds and equity markets and majority of the Opinion Polls suggesting a strong and stable NDA government at center has injected fresh blood among the bulls and hence rupee may break the 69 per dollar resistance soon." Asked about the next target for rupee against the greenback Anindya Banerjee of Kotak Securities said, "If the RBI allows the rupee to remain market-driven, it may show the 67 per dollar levels by April end."
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Standing in sync with Kotak Securities views; Anuj Gupta, Deputy Vice President — commodity and Forex at Angel Broking said, "It is opinion poll's prediction that has fuelled the FIIs faith into the Indian corporate and equity markets that is expected to push Indian National Rupee (INR) as RBI has already indicated that it doesn't have any plan to buy dollar in near time." He said that rupee may show 67.50 per dollar levels by the end of April. Hence, by going through the views expressed by the forex experts, it seems that the rupee is going to gain against the American dollar.