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CARE Ratings Research Report
One week back there was concern on Reserve bank of India buying dollars in the forward market to stem the appreciation in the rupee.
Markets were concerned about excess liquidity coming into the system and heaved a sigh of relief as the RBI turned towards the forwards and not spot market.
But post RBI credit policy, the rupee has gone downhill. It has crossed the Rs 75/dollar mark today and one is not sure where it will go.
The fundamentals appeared to be strong, and our call was Rs 74-74.5/dollar for the first quarter under ceteris paribus conditions. What has changed?
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