The Indian government understands investor worries over the depreciation of the rupee and the government is also worried about it, Piyush Goyal said on Tuesday.
“I fully understand that you are worried about rupee depreciation, we are also worried,” he told a virtual conference of stock brokers, as cited by Reuters.
The Indian Rupee was at 95.8050 per dollar as of 1:00 PM IST, after touching a peak of 95.66 in early trading.
“The rupee remains range-bound. Softer crude is its main support, offset by a firm dollar after the Fed’s hike and continued foreign portfolio outflows,” Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities told PTI.
The expert sees 96.30 as the upper cap, with strong Reserve Bank intervention expected as the pair approaches 96.30-96.50, and support at 95.50 and then 95.