The rupee, which has seen a severe battering of late, is expected to appreciate thanks to the relief rally in most Asian emerging markets as well as positive capital inflows, say analysts.
The rupee weakened past the 70-mark against the dollar for the first time on August 16 on strong demand for the greenback amid the Turkish crisis.
The rupee — on a downtrend amid global uncertainties and inflation concerns — has seen some gains in the last few days. “INR appreciated as the relief rally is seen in most Asian emerging markets currencies post fresh talks between the U.S. and China and fading away of Turkish crisis,” Epic Research CEO Mustafa Nadeem said.