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UBS says rupee could hit 56 to the dollar, which would mark a record low. UBS cites prospect of slowing flows on the back of India's "severe" deficit drag, the need to "repair" the country's balance sheet and regulatory ambiguity that has reached a "crisis point."
"In these conditions, there is very little policy easing. So companies and government must now become more efficient if they want to retain/induce that extra dollar from overseas," UBS' economist Philip Wyatt says in the report.
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Like Bank Nifty; mkt has strong support at 7700: PhillipCap