In an interview to CNBC-TV18, Ashutosh Raina, Head of Fx Trading at HDFC Bank shares his views on the recent rupee weakness that has taken the currency to an 8.5 month low.
Below is the verbatim transcript of Ashutosh Raina's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: What is causing the slip in the rupee?
A: It’s basically the relative USD strength that is causing the rupee to lose a bit and as long as dollar is gaining across the spectrum we should expect some more weakness.
Latha: Are you now becoming buy dollar on dips trader?
A: I will still not be a buy-on-dips trader. This stance may continue for sometime but I do not foresee appreciable depreciation in rupee. It maybe a range and there maybe some intermittent upticks but overall the rupee looks best among the lot.
Sonia: From now until the end of the year what could be the range for the rupee?
A: I think 60-63/USD should be a broad range through the year.
Latha: Would you blame it on the Reserve Bank of India (RBI), as some people are?
A: Reserve Bank of India has been successful in controlling the volatility this time so I do not think we should blame it on the RBI.
Latha: For those buying dollars would you ask them to buy at south of 62/USD now?
A: I do not see too much of depreciation in the rupee in days to come. Going by the strength of dollar in the global market we may see some intermittent uptick but on the whole I will recommend sell-on-upticks from these levels.
Discover 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!
