INR-USD Forecast: The local equities are trading on a negative foot over the last few days, following a weakness over wall street and other Asian markets. The pressure mounts over stocks as FIIs are heavily withdrawing their investment flows.
Whether it is Fed’s rate hike or RBI’s upcoming hawkish tone, both are not a good sign for the foreign investors as higher domestic rates will suppress the growth. It will be watchful whether RBI in tomorrow’s monetary policy decision turns aggressively hawkish or remain calm as per the market expectation of a 20-bps hike in Reverse repo.
Surely, RBI policy along with other fundamentals suggests depreciation is there on the cards. Overall, we may see the USDINR pair bottoming out near 74.30-40 levels and regain the ground to test 75-75.30 levels in the near term.
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