Indian rupee has ‘significant room’ to appreciate, says Bank of America
Updated : June 04, 2020 06:36 AM IST
Recent risk-on momentum in the markets has had a “prominent impact” on emerging market currencies, especially those that are commodity-driven, according to Bank of America Securities’ Rohit Garg.
In particular, Garg is “quite bullish” on at the moment is the Indian rupee, with the foreign exchange and rates strategist saying that the firm sees “significant room” for appreciation for the currency.
Looking at China, Garg said the Chinese yuan will likely hold below the 7.2 level against the greenback.