Saikat Das
Moneycontrol.com
Well, the market is clearly divided on this. The Indian rupee on Friday touched a record low at 57.32 against a US dollar before closing at 57.12. This has again broached a debate over rupee sliding to 60, the age bar to become a senior citizen.
A section of currency experts believe that unless the prevailing negative sentiment turns positive, the freefall will continue. In May, IndusInd Bank's Moses Harding (head of ALCO & economic research) predicted a range of 59.75-60.00 on the back of weak fundamentals and strong USD against major global currencies.
However, State Bank of India's Dr Brinda Jagirdar, general manger (Economic Research) believes, the tumultuous dollar-rupee phenomenon is temporary in nature.
"It does not warrant any movement to 60. It is the skittishness that is getting reflected in the market. Currently, the market is fraught with so many uncertainties. Due to Euro zone crisis, global risk aversion stays dominant in |
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