In an interview to CNBC-TV18, Agam Gupta, Standard Chartered Bank and Sajjid Chinoy, JPMorgan spoke about expectations from Reserve Bank of India‘s monetary policy.
The Indian rupee opened at 59.10 per dollar versus 59.04 Friday. According to Agam Gupta, Standard Chartered Bank, the rupee is likely to open around 59/USD on dollar weakness.
The range for rupee is seen between 58.70-59.20/USD, says Agam Gupta, Standard Chartered Bank.
Mahindra Lifespace, part of USD 16.2 billion Mahindra Group, has entered into a joint venture arrangement with SCM Real Estate (Singapore) Pvt Ltd, an investment arm of Standard Chartered Bank.
The slew of measures recently announced by the Reserve Bank of India (RBI) to curb rupee volatility have aided the Indian currency and it is unlikely to fall beyond 60/USD now, says Ananth Narayan of Standard Chartered Bank.
Just a week ahead of its first quarter monetary policy, the central bank tweaked some borrowing measures by banks, which is likely to make money costlier by raising demand for rupee.
In an interview to CNBC-TV18, Nagaraj Kulkarni, Standard Chartered Bank gives his vieyields above 8%w on rupee, gold and other asset classes.
The Indian rupee opened on flat note at 59.29 per dollar versus 59.35 Friday. According to Agam Gupta, Standard Chartered Bank, the rupee is likely to be flat on dollar weakness and heavy intervention by RBI on Friday, which indicated that any level close to 60/USD is not acceptable.
The range for rupee is seen between 59.10-59.50/USD, says Agam Gupta, Standard Chartered Bank.
Agam Gupta- Managing Director, Head of FXRC (Foreign Exchange Rates & Credit Trading), South Asia, Standard Chartered Bank told CNBC-TV18 that there is no real demand for bonds at the market yields and absorbing Rs 12000-15000 crore is a difficult task.
US stock market will continue to make new highs because the earnings so far have beaten consensus forecasts. The markets seem to be shrugging of bad news and are focusing on Fed and US data, says Steve Brice
On Thursday the Indian rupee opened lower by 26 paise at 59.60 per dollar against 59.34 Wednesday. According Agam Gupta, Standard Chartered Bank, Ben Bernake's speech was slightly more dovish than the market expected. It will keep the rupee stable and also check the dollar from strengthening further."
The market will continue to focus on the impact of recent RBI moves and watch out for any further measures, says Agam Gupta, Standard Chartered Bank.
Agam Gupta expects the Indian currency to hover between 58-60/USD ahead. Rupee's course may may change depending on what Bernanke says in his testimony on Wednesday.
The Reserve Bank of India (RBI) on Monday slapped penalty of nearly Rs 50 crore among 22 banks for violation of Know Your Customer (KYC) or anti money laundering (ALM) norms. Moreover, it warned seven more banks by issuing cautionary letters.
A 2% exports growth expectation has raised some worries. StanChart plans to watch out for the export performance closely, while the news on imports looks more promising
India competitiveness when it comes to exports, demographics, industrialization, urbanization and the huge potential that this country offers, makes it attractive in the long term
According to him, combination of these measures has helped the rupee some extend. Though these measures can be painful in the short term â€“ they may restrict liquidity, increase volatility and transaction cost for market participants, but such controls help in the medium to long run, he added.
The rupee could be weak on overnight dollar strengthening. The range for the day is seen between 60.10-60.40/USD, says Anant Narayan, Standard Chartered Bank.
Ananth Narayan, Standard Chartered Bank expects rupee to continue trading in the range of 58-61 per dollar. According to him medium-term trend will remain murky for rupee and thus positive news on the growth side is required to increase the FII Flows.
"Two things have to happen. One, we need to have stability in the markets so that FIIs (foreign institutional investors) are incentivized to come back again. Secondly, India's growth story has to come back. India is always been a growth stock. People come here not looking for just 3-4 percent returns," says Standard Chartered Bank.
If there is any pullback on the rupee, it will be limited to 59/USD, says Agam Gupta, Standard Chartered Bank.
Standard Chartered Bank's Agam Gupta believes if foreign outflows pickup, rupee is likely to break the psychological 60/USD mark.
The Reserve Bank of India intervened in the currency market today by supplying dollars to meet FII demand and curb rupee's fall, says Agam Gupta of Standard Chartered Bank.
Steve Brice of Standard Chartered Bank does not expect Ben Bernanke to say too much at this juncture because from a economic perspective the need for him to do something is not that great at this stage. They expect tapering by Fed is likely from Q1 of next year.