The Indian rupee opened at 66.30 a dollar, down 5 paise compared to Thursday's closing of 66.25 per dollar. Last Friday, the first April of every year, the currency markets remain shut.
The Indian rupee fell in early trade. The currency opened at 66.30 a dollar, down 5 paise compared to Thursday's closing of 66.25 per dollar. Last Friday, the first April of every year, the currency markets remain shut. Ananth Narayan, Standard Chartered says calendar Q1 tends to favour the rupee, with low current account deficits and higher capital inflows. However, given uncertainty in global markets, unhedged India exposures and a high REER, and the likelihood that RBI will mop up US dollar at various levels, caution is warranted, he adds. Hopefully, the RBI policy tomorrow, both the rate cut and liquidity framework, will reduce cost of hedging, he feels. As a base case, Narayan expects the rupee to weaken to Rs 67.50/USD by June-end.
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