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Digital Desk: The Indian rupee fell to a record 86.57 per US dollar on Monday. The experts are of the opinion that it will further drop to 87 by the end of March this year.
The fall has started following the strengthening of the US currency and the surge of crude oil prices. Indian rupee registered a loss of 55 paise from 86.12 to 86.59 against the US dollar. The rupee ended the day at 86.57 against the US dollar.
According to reports, foreign investors have withdrawn 22,194 crore from Indian equities this month.
Global Head of Foreign Exchange, Brad Bechtel said, "The momentum is pretty clear. The rupee's continued decline probably makes a lot of sense and considering its REER (real effective exchange rate), it makes all the more sense."
ANZ Bank in a note said, "The loss of the rupee's competitiveness has become a pressing issue... and the moderating business cycle warrants a weaker currency."
Head of Research, Axis Securities said, "As per implied volatility trends, there are 80 percent odds that the currency will drop to 87 between now and March-end, up from 27 percent a month ago."
He added, "India's rupee slumped beyond 86 this morning as a global dollar advance fueled by rising treasury yields and a surge in oil further dampened the outlook for the rupee. Offshore markets continue to bet against the rupee via options, where dollar-rupee out-of-the-money calls have been traded aggressively last week. The rupee has now dropped for 16 straight weeks, which has never occurred in its history."
Head of RBL Bank, Anshul Chandak mentioned that the rupee's slide will continue for some time as many factors have stacked up unless the central bank announces precautionary measures. He also said that the rupee's drop to 87 is just around the corner. He expects the Reserve Bank of India (RBI) to use its diminished reserves cautiously.
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