Mitul Kotecha, global head of currency strategy, Credit Agricole belives that the Indian currency is merely taking a breather after the steep volatility seen in the past few days.
Mitul Kotecha, global head of currency strategy, Credit Agricole says the rupee could end up around the 60-61 level in the matter of days or weeks. He feels once the rupee touches 60-61 against the USD, it would look like a pretty cheap currency to hold. Overall my models would suggest that it is already looking undervalued.
World shares and key commodities such as oil and copper gained for a second day on Tuesday on speculation that European leaders would agree on fresh action to tackle the region's debt crisis, and on reports China plans measures to boost sagging growth.
Asian stocks hit a seven-month high while the euro and commodity currencies held their ground on Wednesday on hopes a fresh cash injection by the European Central Bank will help further temper market tension and underpin risk appetite.
Asit Kotecha hopes to change the perception that Indian entrepreneurs don’t donate to universities in India.