Rupee breaches 64 as oil companies buy dollars
MUMBAI: Bankers are now forecasting that the rupee will breach the 66 levels in a couple of months with the domestic currency having weakened beyond 64 levels on Thursday.
The rupee which closed at 63.53 on Wednesday was trading at 64.20 on Thursday. The weakening of the currency would push up the cost of all imports particularly fuel and would add to inflationary pressures. It would also make it difficult for Reserve Bank of India to cut rates.
"There seems to be some pressure on the crude front as prices have risen. Some nationalised banks were also seen to be buying dollars perhaps to fund crude purchase by oil companies," said Hariprasad, head of Forex trading at Centrum Direct. He added that rupee was in depreciating mode for next month and would weaken to 64.50 at least.
“由于价格上升了，看来原油方面有些压力。也看到一些国有化的银行在购买美元，大概是为了给那些购买原油的石油公司提供资金，” Centrum Direct 的外币交易部主任哈里普拉薩德说。他补充说，下个月卢比会处在贬值模式，至少会软到64.50。
Speaking to ToI Ashish Vaidya, head of trading at DBS India said "My target for the rupee is 66.71 by August-September. There has been a readjustment of global macros which is causing the currency to weaken".
DBS India 交易部主任费迪亚对印度时报说“我对卢比的目标是，在八、九月份，66.71（比一美元）。一个全球宏观再调整已在进行，这造成了该币种的疲弱”。
All eyes are now on the central bank which has repeatedly stated that it would not intervene to 'fix' the currency level, but would only buy or sell to smoothen volatility.
"We expect the rupee to under perform against the dollar vis-a-vis other emerging currencies. Given the valuations some other markets look more promising" said a dealer with a foreign bank. He added that he expected the rupee to breach 65 levels.
skariah varghese• chennai •
ache din has come.. now the inflation will go through the roof. We really need Rajan to take over as finance minister instead of the good for nothing Jaitley who i doubt ever got time to study economics after taking part in the vandalism of RSS
K F C• 26118 • 回 skariah varghese • Unknown •
Mr. Jaitley has done a crash course of 6 days in economics from Havards.
leatherface• 回 skariah varghese • Texas •
What even Rajan will do over here? The only way Indian rupee can appreciate in the long run is if India becomes a major exporter or if there is sustained foreign investment or both, which will happen only if Modi's policies succeed over the long term.
Punit Kumar• Delhi •
At 100 $ crude, Jaitley shall be in Hospital and Modi back to Gujarat.
fromlovetolove• Punit Kumar •
and where will be you? back to feet of your masters?
Santosh Sharma• 3528 •Influencer Moderator Wordsmith • 3 hours ago
Acche din aa gaye, I remember FEKU bhakti said FEKU will bring the dollar to 30 but in last 1 year it hasn't come down even to 61
fromlovetolove• Santosh Sharma •
Link please .. otherwise you are a feku
Santosh Sharma• 回 fromlovetolove •
What link, R u on a high, I said Feku Bhaktas said that, Feku himself doesn't have the intellect to say such a thing, he only knows shouting and abusing. Seems you are FEKU BHAKTA too
fromlovetolove• 回 Santosh Sharma •
I remember You said Sonia will bring the dollar to 1 but in last 10 year it hasn't come down even to 61...
and know what ... All Sonia bhakt where saying so ....and no link required
modi must talk to mms...