INR vs USD: Indian Rupee to remain strong against US dollar and may jump to 72 levels

INR vs USD: In the wake of the US dollar going further down against the major currencies at the Forex Market, experts are of the opinion that Rupee is expected to go from strength to strength and hit 72 per dollar levels.

Commodities and currency experts are of the opinion that the dollar is expected to become weak as the US Federal Reserve is expected to further cut key rates. Photo: Reuters

INR vs USD: In the wake of the US dollar (USD) going further down against the major currencies at the Forex Market, the commodities and currency experts are of the opinion that Indian National Rupee (INR) is expected to go from strength to strength and hit 72 per dollar levels. They said that the dollar is expected to become weak as the US Federal Reserve is expected to further cut key rates.

Commenting upon the Rupee dollar deviation in the next fortnight, Anindya Banerjee, Deputy Vice President at Kotak Securities said, "Indian Rupee is expected to remain strong against the US dollar as the US Fed is expected further cut interest rates that will lead to weakness in the American currency against the major global currencies at the Forex Market. In USDINR, a bigger picture, which is relevant for positional traders, indicates a downward trend. Intra week upward pullbacks can occur from time to time but as long as those upward spikes do not take USDINR Sept futures above 74.10 on a sustainable basis, bearish bias holds. Sell on rise on Sept futures but with stop loss above 74.10 on a closing basis." On INR-USD terms, Banerjee said that Indian Rupee may go up to Rs 72.50 in the next fortnight.

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Speaking on rupee versus dollar outlook Anuj Gupta, Deputy Vice President — Commodities & Currency trade at Angel Broking said, “Yesterday USD-INR appreciated by 0.09 per cent and closed at 73.47 levels. Rupee appreciated yesterday on the back of weakness in Dollar as US data showed slower growth in the US. All major currencies appreciated yesterday. Indian Forex reserves stand at around $542.013 Billion on 4th September 2020, the highest ever, with the Foreign Exchange Assets (FCA) component at around US$498.362 Billion. As of today, we are expecting more appreciation may be seen in Indian rupee.Traders can sell USDINR at 73.40 levels with the stop loss of 73.80 and for the target of 72.80 levels. Rupee may test 72.00 soon.”

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