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See further downside to rupee: ANZ Research

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Indian rupee opened at another life-low against the US dollar on Wednesday while bond yields spiked due to a rebound in crude prices amid simmering global trade war concerns.

Indian rupee opened at another life-low against the US dollar on Wednesday while bond yields spiked due to a rebound in crude prices amid simmering global trade war concerns.
Irene Cheung, forex strategist at ANZ Research and Mitul Kotecha, senior EM strategist at TD Securities spoke to CNBC-TV18 about their outlook on the currency.
"We expect further downside on the rupee," said Cheung.
According to her, markets are targeting currencies whose countries have current account deficits.
“In the past couple of months, the deficit has been quite a bit bigger than what the market expected,” she added.
When asked about the bonds, Mitul Kotecha said, “We are seeing some value in Indian bonds.”
According to him, external environment continues to remain negative.
Talking about the rupee, Kotecha said, “The investors are still very fickle. There is a lot of reluctance to investment not just in India but in emerging markets and given the externalities of higher US rates, strong dollar, events in the like of Turkey, Argentina and elsewhere unfortunately has taken most EM markets down with it and that means those with current account deficit look particularly vulnerable, hence the INR continues to weaken.”

Market Movers

CompanyPriceChng%Chng
TATA Cons. Prod747.00 -22.75 -2.96
Shree Cements27,451.00 -414.15 -1.49
Cipla901.15 -11.95 -1.31
Nestle17,990.70 -235.40 -1.29
HDFC2,403.85 -30.10 -1.24
CompanyPriceChng%Chng
Nestle17,991.35 -247.10 -1.35
HDFC2,403.25 -31.50 -1.29
HDFC Bank1,424.00 -15.80 -1.10
TCS3,149.55 -33.50 -1.05
Axis Bank724.00 -7.75 -1.06
CompanyPriceChng%Chng
TATA Cons. Prod747.00 -22.75 -2.96
Shree Cements27,451.00 -414.15 -1.49
Cipla901.15 -11.95 -1.31
Nestle17,990.70 -235.40 -1.29
HDFC2,403.85 -30.10 -1.24
CompanyPriceChng%Chng
Nestle17,991.35 -247.10 -1.35
HDFC2,403.25 -31.50 -1.29
HDFC Bank1,424.00 -15.80 -1.10
TCS3,149.55 -33.50 -1.05
Axis Bank724.00 -7.75 -1.06

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.4525-0.0075-0.01
Euro-Rupee88.0020-0.0100-0.01
Pound-Rupee103.2870-0.0720-0.07
Rupee-100 Yen0.6780-0.0002-0.03