Comment on Rupee from Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

"Indian Rupee continues to weaken due to rising cases of COVID-19 in India. Extension of lockdown is going to prolong the economic pain. However, as lockdown will be lifted across various parts of the nations, which are not COVID hotspots, is a positive development. This will help the agricultural sector ahead of the monsoon season and also bring back employment in non-urban centers. Global situation remains fluid as number of cases continue to risk in Europe and North America but in several nations, the rate of increase continues to slow, which is a positive development. All in all, Rupee may continue to weaken, but some of these positive development in home and abroad may limit the pace of the decline. A range of 76.00-77.50 may unfold over the medium term."

Source : Equity Bulls

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