USDINR to see a reversal pattern; likely to weaken towards 65.30 levels: Angel Commodities Broking

Monthly Report on Currency by Mr. Prathamesh Mallya (Chief Analyst- Non-Agri Commodities & Currencies, Angel Commodities Broking):

"Indian Rupee has enjoyed its share of positive trend for quite some time now and is likely to witness some reversal in the coming days. The installation of GST bill shall create some disruption in the near term with consumers feeling the pinch due to higher taxation on services. However, on the macro level there is a huge scope of improvement in the growth rate as high tax rate shall give the government high revenues to invest in the economy. On the international front, hawkish tone in the statements of BOE, FOMC and ECB policymakers will prompt the traders to invest in dollar denominated assets. Keeping all the factors in mind, USDINR spot is likely to depreciate."

Source : Equity Bulls

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