RBI is going to let the rupee slip along with yuan. Here’s why
Advertisement
The Reserve Bank of India is not going to defend a falling rupee, saying it will result in rupee’s competitiveness.
"The rupee may see a new (record) low, based on deteriorating external factors like China. A moderate or stable market driven rupee dollar range adds confidence to global investors while limiting space for speculative bets,” KN Dey, executive director at Mecklai Financial, told ET.
The rupee weakened 10 paisa to close at 66.93 per dollar.
"The RBI would not like a situation where the rupee continues to strengthen materially in real terms as that would result in disruptive adjustments required later," Brijen Puri, managing director, head of markets, JP Morgan (India), told the financial daily.
Experts say that export struggling India will make rupee weaker by additional 10%.
Advertisement
Advertisement
"The rupee may see a new (record) low, based on deteriorating external factors like China. A moderate or stable market driven rupee dollar range adds confidence to global investors while limiting space for speculative bets,” KN Dey, executive director at Mecklai Financial, told ET.
The rupee weakened 10 paisa to close at 66.93 per dollar.
"The RBI would not like a situation where the rupee continues to strengthen materially in real terms as that would result in disruptive adjustments required later," Brijen Puri, managing director, head of markets, JP Morgan (India), told the financial daily.
Experts say that export struggling India will make rupee weaker by additional 10%.
Advertisement
- Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?
- Thoughtful gift ideas to make Mother's Day extra special
- Muslims up, Hindus down: What’s the larger picture behind India’s religious population trends?
- Scooch over magic mushrooms, toad venom could be the next big psychedelic for depression and anxiety!
- TBO Tek IPO allotment – How to check allotment, GMP, listing date and more
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market