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There’s a nearly 60% likelihood of the rupee falling to 87 per dollar, compared with just an 9% chance of it recovering to 84 by the end of March
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.The rupee closed at 82.19 against the US dollar on Friday amid a firm greenback overseas and sliding crude oil prices.
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The currency market is seeing turbulent times, especially in the backdrop of the Russia-Ukraine war and tighter fiscal actions by the US Fed. Hence, the BRICS’ launch of a new global reserve currency is seen as a move to reduce the dependence on the dollar and the euro.
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As global economies cut back on discretionary spending in the face of recession, export-focused discretionary sectors are likely to be hit the hardest as demand comes down abroad
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RBI measures will bleed those with short rupee positions and they will desist from further speculative shorting, for fear that the central bank may announce more steps
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To manage high levels of liquidity, the central bank is working its levers in the currency market
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In an interview to CNBC-TV18 Devesh Divya, Asia FX Strategist at Standard Chartered Bank shared his reading and outlook on the currency market. He expects markets to remain volatile at least till the time that we see clear pattern emerge in terms of Brexit versus Bremain.
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Bond market is expected to open weak with a 4-5 basis point hardening, says Amandeep Chopra of UTI MF.
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Manisha Gupta of CNBC-TV18 gives us a round up of all the commodity and currency market action specifically sugar.
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Watch Manisha Gupta of CNBC-TV18 giving us a roundup of all the commodity & currency market action.
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CNBC-TV18‘s Manisha Gupta gives a round-up of all the action in the commodity & currency market.
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Watch Manisha Gupta giving a roundup of all the commodity & currency market action.
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"Either we validate the financial asset prices and growth faster, or alternatively we will slip into a global recession with financial disorder," El-Erian said
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Continuing to open up its currency market to foreign entities, the second batch of foreign central banks and similar institutions have now been allowed after they completed the registration process with the China Foreign Exchange Trading System (CFETS)
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The European Central Bank's (ECB) indication that it may launch a fresh round of quantitative easing in December is likely to be a positive for risk assets, says Neeraj Gambhir, MD and Head - Fixed Income, Nomura India.
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According to Irene Cheung of ANZ Research, it is obvious that India is affected or impacted more by domestic cues than global issues.
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The amount of dollars purchased in the month by the central bank was the highest at USD 9.348 billion in the reporting month, RBI monthly data showed.
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There will be a bumper harvest, food grain production will cross 260 million tonne, and the increase in agriculture production will give an extra one percent in GDP growth, services will give 7-8 percent, industry is the party spoiler, he adds. But GDP will remain around 5 percent.
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Continuing its downslide, the Indian rupee tumbled to an all-time low of 64.45 against the dollar in late afternoon trade today.The slide was triggered by sustained dollar demand from banks and importers.
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The rupee trims gains in the afternoon session to trade at 60.74/75 versus Thursday's close of 60.88/89, sharply off the day's high of 60.45.
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Agam Gupta of Standard Chartered Bank believes that the sentiment in the currency market has improved as likely Reserve Bank (RBI) intervention on Wednesday has boosted participants in the market. He sees strong resistance for the rupee at 61.20/USD levels.
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The Reserve Bank of India, which has taken a series of measures to support the battered rupee, said on Monday it will continue to manage money market liquidity in order to balance financial stability, growth and inflation.
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The Indian rupee on Wednesday (June 12) rose by 1.03 percent or 60 paisa to close the day's trading at 57.79 against the US dollar. This was the first appreciation after consecutive declines since June 04. It hit intraday low at 58.38 and a high of 57.72.
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Nilesh of Axis Direct told CNBC-TV18 that foreign Institutions were positive on India until recently which is evident from 18 Nifty companies hitting all-time highs in March of this year. Even last month they have pumped in investments worth USD 3 billion, he said.
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Bullish undertone in Bond market against complex macroeconomic dynamics, says Moses Harding.
