Rupee - 28th September, 2020 - Angel Broking

Mr. Vaqarjaved Khan - Research Analyst, Angel Broking Ltd

"In the week gone by Indian rupee depreciated by 0.06 percent and currently stands at 73.7 against the US dollar. India's Finance ministry is expecting a nominal GDP growth of 19 percent in FY22 against a double digit contraction in FY21. The double digit expansion can be credited to a lower base in FY21. On the other hand, US FED vice chairman Richard Claridanoted that the central bank will not be considering raising interest rates from near zero until inflation has hit the 2 percent target. He admitted that it would take several years before the US FED can start raising interest rates as the US economy continues to recover from the Covid-19 induced recession. Unemployment data for the week from US too came in a bit higher against expectations at 870K.

Outlook : With easing monetary policy from US FED here to stay, USDINR (CMP: 73.7) is likely to move lower towards 72.5 in the coming week. (28th Sep - 2nd Oct 2020)."

Source : Equity Bulls

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