Indian rupee is trading near the day’s high at around 71.74 per dollar. It recovered 29 paise from the day’s low point of 72.03 after it’s opened marginally higher at 71.95 per dollar.
This year the Indian currency witnessed the depreciation by around 13 per cent. Notably, it depreciated by almost 5 per cent in the last one month and almost by 3 per cent in the last seven straight sessions. In the last 21 sessions, Indian Rupee has gone down to 72 from 70.
The consistent dollar demand pulled the currency down to an all-time low against the greenback, but it managed to get some support from supply of dollar by Reserve Bank of India. Also, stability in currencies of emerging markets like the Argentinian peso and Turkish lira helped the recovery.
Deepak Jasani, Head – Retail Research at HDFC Securities said, “Going by the current momentum, levels of 72.50 look likely in the next few days before the RBI signals its unease with the speed of the fall.”
Akash Jain, Vice President – Equity Research, Ajcon Global said, “The pressure on the Indian currency should get reduced as the GDP is increasing beyond 8 per cent. We do not see rupee going down below Rs 73 soon, said Akash Jain, Vice President – Equity Research, Ajcon Global.