Indian rupee may see a pull back against dollar next fortnight

  • Date: 11-Aug-2020
  • Source: Arabian Business
  • Sector:Financial Markets
  • Country:GCC
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Indian rupee may see a pull back against dollar next fortnight

Indian rupee is expected to see a pull back against the US dollar in the next fortnight, on the back of increased FII (foreign institutional investor) inflow into the Indian market and renewed hopes on another bumper agriculture production this year.

Foreign currency market experts said rupee is expected to strengthen by a percentage point to 74.10 - 74.20 level in the next few days, against the current level of 74.85 against the greenback.

While FII inflow into India has reached $1.89 billion so far this month, rain deficits witnessed in July were wiped out after the on-going heavy downpours in several states since the beginning of this month.

“The market players seemed to be discounting concerns on the Corona pandemic front and also the heightened expectations of any major gains for dollar