INR vs USD: Rupee falls to 76.31-level today against US dollar; experts eye 77-mark

INR vs USD: On account of ongoing India-China standoff at Galwan Valley and the strong US economic data coming this week, helping US dollar (USD) to regain its lost ground, the Indian rupee (INR) fell around 0.25 per cent to 76.31 levels, which a seven-week low. According to the currency experts, the rupee is expected to remain weak as the geopolitical tension between India and China is expected to last and American currency is set to gain ground. That means INR may even hit 77-mark in next fortnight.

Anindya Banerjee, Deputy Vice President at Kotak Securities said, "Current border standoff going on between China and India is the major reason for this fall in Rupee. But, strong US economic data is also helping the American currency to gain its lost ground. So, on one side rupee has gone weak while on the other side, the US dollar has become strong. This indicates that rupee may fall up to 77 levels in the coming fortnight."

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Speaking on the INR vs USD deviation, Anuj Gupta, Deputy Vice President — Commodities and Currencies Research at Angel Broking Ltd said, “Today we have noticed that USD-INR depreciated by 0.25 per cent and touched a 7-week low of 76.31 levels. Geopolitical tension between India and China is a major cause of depreciation of INR at the Dollar Index. Although uncertainty in the global financial market and increased cases of Covid-19 are also negative for the currency. We expect Indian rupee may depreciate further and it is expected to test 76.60 - 76.80 levels soon. Traders can go for buy in USD-INR at 76 to 76.10 levels, with the stop loss of 75.60, and for the target of 76.60 - 76.80 levels.”