Ashutosh Khajuria, executive director and CFO of Federal Bank expects rupee to hold 70.40-70.50 against the US dollar.
“I think it would be holding 70.40-70.50 against dollar ... it can go till 71 against dollar but that would be an opportunity for pumping in more of capital flows into India subject to gross domestic product (GDP) numbers coming on August 31 which hopefully should bring in some cheers,” he said.
The rupee on Wednesday once again hit its fresh record low of 70.39 against the dollar.
“I think it is not the record low. To the best of my understanding, it(record low) is above 40(70.40 against dollar) I think. 70.40-70.43 was the highest level but it is closer to that, no doubt and probably there is an oil buying as well. So this could be the reason because suddenly there is a bulk demand," he said.
Speaking about the expectations of intervention from Reserve Bank of India (RBI), he added, “It is quite likely that there could be intervention during the day, I am not very sure about it unless we see bulk deals happening but yes, there had been some enquiries certainly.”