Currency Why BofAML is wary of the rupee rally Updated : September 24, 2019 09:59 AM IST Since early September, the rupee has seen a decent pullback from Rs 72.40 per dollar to just below Rs 71 per dollar. Apart from cautious global sentiment, a few domestic factors like increased selling by FIIs have been responsible for the fall in the currency. But rupee rallied sharply following the announcement of Axis Bank QIP and the unexpected announcement of large corporate tax cuts, in line with the dramatic rally in local equities. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.