According to the global financial services major, it has been among the better performing currencies in the emerging markets and has appreciated 6 per cent so far this year, but there are few triggers left for a sharp rally of the rupee from its current level.
Biz2Credit, a leading online resource in personal and small business finance, announced a marketing partnership with TaxSpanner, one of India's largest and most trusted company that offers online preparation and filing of Income Tax Returns (ITR) for individuals and businesses.
Several market participants involved in the sale said offshore units of Nomura, Standard Chartered and Bank of America Merrill Lynch bought about 30 billion rupees (USD 451 million) of the 35 billion rupees on offer in October, the first window for foreigners to buy in.
Going forward, Rohit Arora believes the rupee movement will be totally dependent on how election results come out, what is the new government‘s reform agenda and how foreign inflows continue to come in.
In an interview to CNBC-TV18, Rohit Arora of Barclays gives his views on the rupee and the rate situation. He feels that the strategy has changed to selling dollar-rupee on rally.
According to Rohit Arora, the Reserve Bank's support to OMCs has helped it ease the pressure on the rupee. However, going ahead, he expects the dollar to strengthen on strong US data and the possibility of a tapering by Fed in December.
Guidance given by the new RBI governor would hold a lot more importance than any change in existing measures, says Rohit Arora,Rohit Arora, EM Asia Rates Strategist, Barclays, Barclays.
In an interview to CNBC-TV18 Rohit Arora says, according to their FX strategists, rupee should stabilise over the medium-term and expects the Indian currency to be around 59 against the dollar in one month.
Inflation continues to remain soft at least for the next six-nine months with a probable bottoming out in September. We are expecting another 75 basis points of cut in the repo rate in the next six months, says Rohit Arora, emerging markets research, Barclays.