Continued strengthening of the US Dollar , lack of foreign investment inflows and concerns over rising oil process are likely to keep the rupee under reassure and push it down to 70 marks this week, as bankers said. They added 39.30 remains a crucial level for the domestic currency which if breached , could further plumb down to the 70 marks against the dollar. RBI will not be comfortable with the currency touching 70 and would strongly defend the same.
The rupee has touched an all time low of 69.10 against the dollar on June 28 and closed at a low 68.95 on Thursday and 68.87 on Friday. On the back of weakness of the US Dollar , currency failed to sustain and declined below 68 again on Monday and closed at 68.13.
Raise the concern that rupee may have react to the surge in crude oil price on Friday. West Texas Intermediate Crude oil process over 4 percent on Friday the OPEC meet.
Organization of Petroleum exporting Countries decided to increase the supply but the quantum is expected to be much lesser than what the market and anticipated. If Crude prices will increase and move up further , then rupee could remain under pressure.
Foreign Portfolio Investors remained net sellers of Indian Debt for the 10th consecutive week. They sold $666 in Indian debt in the past of week and have offloaded $6.39 billion over the last 10 weeks.
As Bank treasurer said, those company who have to repay their external commercial borrowing debt are also stocking up the US currency.
The Apex Bank has always stated that it does not target any level of the domestic currency but intervenes in the foreign exchange (forex) market to check its volatility.
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