After a strong start the Indian rupee has pared all its gain and it is trading flat at 70.69 per dollar versus Thursday’s close 70.67.
During the day it touched a level of 70.30 per dollar.
Rahul Kalantri, VP Commodities at Mehta Commodities believes that the rupee may not slip further in the coming days. There is a major support of USDINR at 69.40 and it will respect this level and bounce back to the levels of 71.80 and 72.56.
INR has underperformed most of its EM peers in the last six months. This underperformance can be attributed to a concoction of worsening
global and domestic factors.