The rupee plunged to near 16-month low on Tuesday as the cost of dollar rose by nearly 40 paise to 47.60 paise from the previous close of 47.21 per dollar. With this, the rupee has fallen by 4% since September 1 and by 7% since August 1.
According to Jamal Mecklai, chief executive officer, Mecklai Financial Services, it is difficult to predict the short-term movement of rupee given the volatility in global equity markets and macroeconomic conditions in the Eurozone. He said, "Companies with open imports and loans are extremely nervous." "If dollar continues to remain strong for sometime, we will certainly see Rs 48 per dollar, Rs 48.50 per dollar, we could see Rs 50 per dollar. Even if does weaken, it could weaken dramatically and will not sustain," Mecklai added. Also Read: Dollar may perk up to Rs 48.10 levels near-term say Experts Below is the verbatim transcript of MecklaiDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
