INR vs USD: Indian rupee may hit Rs 74 levels against US dollar on PM Modi's special package announcement

INR Vs USD: After the Rs 20 lakh crore stimulus package announced by Prime Minister Modi, Indian National Rupee (INR) gained against the US Dollar (USD) in early morning trade. According to the currency market experts, INR may continue to gain against the USD. They said that in coming fortnight, rupee may hit Rs 74 per USD levels as ease in lockdown has given some hope for the economic recovery among the Indian industries as well.

Speaking on rupee vs dollar today; Anindya Banerjee, Deputy Vice President at Kotak Securities said, "After the announcement of the Rs 20 lakh crore stimulus package by PM Modi, rupee gained against the US dollar in early morning trade but failed to gain further as the Reserve Bank of India (RBI) started buying dollar. But, rupee has strong support at Rs 75 levels and it may hit 74 levels in a fortnight or may be before that as there is some hopes of recovery in the Indian industry as well." Anindya went on to add that if the stimulus package manages to deliver to the needy then rupee may gain further from the given 74 levels provided RBI doesn't chip in an start buying dollar.

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Giving weekly numbers on INR to USD deviation Anuj Gupta, Deputy Vice President — Currency and Commodities at Angel Broking said, "Apart from Rs 20 lakh crore package which is near 10 per cent of the Indian GDP, Prime Minister Modi also talked about becoming 'vocal for local', which means support for the local products ahead of the imported items. If that becomes possible (as Finance Minister is going to give the road map for this stimulus package), we can expect rupee to further gain against the US dollar. For the week ahead, i am expecting rupee to remain range-bound from 74.60 to 75 levels as Finance Minister Nirmala Sitharaman has to do series of announcement in this week and currency market will wait till the last announcement is done."