Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Rupee under pressure, expect some pullback after the RBI policy: Ajay Marwaha, HDFC Bank

"At the moment, the currency is definitely under pressure. You could see a pull a little beyond Rs 63," Marwaha said.

ET Now|
Updated: Jan 28, 2014, 11.58 AM IST
0Comments
"You could see a pull a little beyond Rs 63. However, you have to expect some kind of pullback. After the RBI policy, you should see a little bit of pullback," Marwaha said.
"You could see a pull a little beyond Rs 63. However, you have to expect some kind of pullback. After the RBI policy, you should see a little bit of pullback," Marwaha said.
In an interview with ET Now, Ajay Marwaha, EVP & Head-Trading, HDFC Bank, shares his outlook on the rupee. Excerpts:

ET Now: Most of the emerging market currencies have stabilized, but the rupee is still down. Your view?

Ajay Marwaha: The rupee is actually playing a catch up. We have seen that in the initial part of this move, which was triggered off by what happened in Argentina and in Turkey, the rupee was stable and steady.

It is only real catch up that has been playing over the last three or four days. Therefore, you can expect a little bit of catch up pressure to be there on the currency.

However, lira is pulled back this morning. You do have the central bank of Turkey about to announce some measures tonight. In that sense, you could see some stability return back to the emerging markets. My own sense is after the FOMC, a lot of this noise and panic will settle down.

ET Now: Do you think we will stabilise around Rs 63 or could we see further weakness as well?

Ajay Marwaha: It is difficult to call numbers. At the moment, the currency is definitely under pressure. You could see a pull a little beyond Rs 63. However, you have to expect some kind of pullback. After the RBI policy, you should see a little bit of pullback. So Rs 62.5-63 is a fair range to call for the moment, but that does imply a little bit of pullback.

Also Read

Rupee on slippery slope for a year at least: Poll

Rupee firms up by 13 paise against dollar

Rupee ends flat ahead of RBI policy outcome

Rupee slips 7 paise ahead of GDP data

Rupee ends marginally lower against US dollar

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service