Wednesday, 14 December 2016

Rupee is expected to depreciate

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The Indian Rupee appreciated by 0.03 percent yesterday as the two day policy meeting in the US has kept the markets in a watchful mode. This kept the USDINR volatile which prompted the RBI to intervene via state - owned banks to stabilize the Indian Rupee with the help of its forex reserves. Moreover, surge in foreign inflows post RBI policy review where the benchmark repo rate was kept unchanged at 6.25 percent added to the INR’s strength . 

The RBI governor feels that India’s inflation rate has risks from volatile c rude price and the unclear effects of the withdrawal of high denomination currency notes. All the above factors boosted the demand for the Indian Rupee which made a n intraday high of 67.3 7 and closed at 67.40 on Tuesday.

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