India rupee rovers over 80 against US$, Nikhil Kamath says it 'isn't such a bad thing'
1 min read 29 Sep 2022, 02:52 PM ISTThe Indian rupee plunged below the 82 mark for the first time in intra day trade on Wednesday before it settled 40 paise down at 81.93 against the US dollar.
PremiumWith the Indian rupee's value against US Dollar revering around 82, online trading app Zerodha's co-founder Nikhil Kamath on 29 September said that this 'isn't a bad thing'.
Apart from this, Kamath also posted an infographic to compare rupee against other currencies like US dollar, Yen, Pound Sterling and Euro.
Taking to Twitter, Kamath wrote, "Rupee at 82 isn't such a bad thing....US is too far anyway, for all else but dollar-denominated commodities...If this trend continues, large companies might have to relocate out of the US to remain competitive."
The Indian rupee plunged below the 82 mark for the first time in intra day trade on Wednesday before it settled 40 paise down at 81.93 against the US dollar.
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While on Thurday, its value appreciated 35 paise to 81.58 against the US dollar in early trade following the US dollar retreated from its elevated levels.
Considering the ongoing Monetary Policy Committee meeting of Reserve Bank of India in process, and the decision pending on 30 September, experts expect a 50-basis point hike this time too. This would be the fourth hike in this year. as teh central bank trying to have a grip over inflation.
Earlier, on 21 September, the Federal Reserve raised its rates by 75 bps for the third straight time. leading the benchmark to a a range of 3 per cent to 3.25 per cent, the highest level since 2008.
By year's end, the Fed officials may also further raise the benchmark rate to roughly 4.4 per cent that is a a full percentage higher than what they predicted in June. They are expecting to raise the rate further next year to about 4.6 per cent.
