Rupee may weaken towards 97 against dollar, warns Kotak Securities
pre-market1 source ↓written by the desknot a recommendation
- against the US
- 97
- if this level
- 98.5-99
- in foreign portfolio
- $6.1 billion
The Indian rupee could decline to 97 against the US dollar in the near term, with potential further weakness to 98.5-99 if this level is breached, according to Kotak Securities. Factors such as $6.1 billion in foreign portfolio investor outflows and rising import costs are pressuring the currency. Despite strong macroeconomic indicators, global influences are weighing heavily on the rupee.
Not investment advice. For informational purposes only.