Saturday, February 21, 2009

Rupee may fall to 54 per dollar by end-2009

Private economists expect that rupee to decline to a lifetime low of 54 as FDI and remittances fall sharply.
The forex trend may be from current Rs.50 per dollar may get further escalate to Rs.54 a dollar.

The partially convertible rupee ended at 49.72/74 per dollar on Friday, 0.2 percent weaker than Thursday's close of 49.62/63. It was the unit's poorest week since the end of December. Customer selling around 49.90 per dollar levels capped the dollar/rupee's fall but the medium term outlook for the rupee continues to be bearish and it is only a matter of time before it tests 50.50," said a senior dealer at private bank.

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