INR vs USD: Indian Rupee to strengthen, jump to 75.20 against US dollar, say experts

The US dollar is expected to go down and remain weak in the short-term time horizon in the wake of the US Fed's meet. Currency experts are of the opinion that the Indian rupee may gain its lost ground and hit 75.20 levels in short-term. It was ruling at 75.74 at the time of writing. They are of the opinion that rupee will soon gain its lost ground because of the weakness in the US currency.

Speaking on the rupee to dollar deviation, Anuj Gupta, Deputy Vice President — Commodities and Currencies at Angel Broking said, "After the Federal Reserve's outlook that economy will shrink by near 6.5 per cent, dollar is expected to go down." Gupta said that in the short-term, rupee is expected to come close to 75 per dollar levels by hitting 75.30 to 75.20 per dollar levels. He said that US job data is also putting pressure on the US currency and hence rupee is expected to remain strong against the US dollar in the short-term.

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Expecting RBI to buy dollars, Anindya Banerjee, Deputy Vice President at Kotak Securities said, "In the global economy, there is a big mismatch between the dollar flows and the economic uncertainty. The RBI is buying dollars on an almost regular basis to keep the rupee under control in future,in case the global economy worsens further due to the Coronavirus impact." 

Banerjee predicted that the rupee may remain in the range of 75-76 in the coming fortnight. He said that the RBI is buying dollars and increasing its dollar reserves because, in case second wave of Coronavirus pandemic hits the global economy, this dollar reserve will be useful in that grim global economic scenario. But, for short-term, he expected rupee to come near 75 levels.