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Expect rupee at 70 against dollar by year-end, says Scotiabank

Updated : September 12, 2018 01:36 PM IST

The Indian rupee is likely to value at 70 against the US dollar by the end of the year, said Qi Gao, forex strategist (EM Asia), Scotiabank, adding that over the medium-term to long-term, the currency would stabilise.

"Going forward rupee could go to the levels of 72-74 to the dollar ahead of the September FOMC meeting," Gao added.

The rupee on Wednesday opened at another life-low of 72.64 against the US dollar. The home currency has touched a high and a low of 72.63 and 72.90 a dollar, respectively.

Gao cited the rise in oil prices overnight and the nation’s current account deficit as the primary reasons behind the weakness in the currency.

On dollar, he said, "Dollar-index will trade in a range of 94-97 and expect US President Trump to deliver verbal intervention as he had done earlier when the dollar-index hit 96 and again when it touched 97."
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