Advertisement

HindustanTimes Fri,01 Aug 2014

Re could touch 70/dollar in a month: Deutsche

Reuters  Mumbai, August 21, 2013
First Published: 09:39 IST(21/8/2013) | Last Updated: 14:32 IST(21/8/2013)

Rupee could touch 70 against the US dollar in a month or so, although some revival is expected in the currency by the end of the 2013, Deutsche Bank said in a report on Wednesday.

Advertisement


"We continue to believe that fundamentally the rupee is undervalued and has overshot its equilibrium level substantially, but as numerous episodes of past currency crises have amply demonstrated, under a scenario of deep pessimism, currencies can overshoot substantially and remain so for a long time," economists at the bank wrote in the report.

"India, we fear, is entering such a zone". The partially convertible rupee dropped to a record low of 64.13 per dollar on Tuesday and was trading at 63.38/42 on Wednesday, weaker than its close of 63.25/26.


Advertisement
more from Business

Argentine markets fall post-default, NY hearing on Friday

Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the collapse of last-ditch talks with holdout creditors.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved