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Friday, January 23, 2015

RBI may try to keep rupee low

RBI may try to keep rupee low

The rupee is expected to stabilise at `61-62 levels and not go below this despite the inflow of foreign money into the Ind-ian equity markets following the bond buying programme announced by the European Union.
Abhishek Goenka, founder and CEO of India Forex Advisors Pvt Ltd, said, "Markets have already factored in all the good news so the-re is not a lot of appreciation expected in the rupee."
The rupee has been riding high on the steep fall in crude oil prices, almost 60 per cent in the last six months, which has helped the countr-y's current account defi-cit situation.
Mr Goenka however expects oil prices to appreciate by 20 per cent to $60 a barrel in the next four months as some of the EU's bond buying funds will flow into other asset classes.
He expects the next seven to 15 days to see the rupee at 61.50 to 63 to the dollar.
Suresh Nair, director, Admisi Forex is of the view that the rupee will remain at around the 61 to the dollar level after appreciating in the short term following the inflow expected into the equity markets.
But the RBI is not expected to let the rupee appreciate too much as it would hurt exports. l The Rs. is
expected to stabilise at 61-62 levels

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