Now that the Fed event is over, for the time being he expects rupee to hold at 58.61 against the dollar but there would be a downtick before it moves back again, he adds.
Also read: Dollar supply most effective tool to rescue rupee: Deutsche
Below is the verbatim transcript of his interview on CNBC-TV18
Q: Why do you think there is so much volatility in the rupee? Do you think it is again those fears of foreign institutional investors (FIIs) pulling out from debt or is it Asian emerging market (EM) currencies falling or is it just the equity space getting spooked that is taking an impact on the rupee today?
A: Basically it is a combination of all the above mentioned factors. It is a reaction to yesterday's statement by Bernanke, and sell-off in the EM currencies. So the move has been done for now. We expect some consolidation at these levels before we move down from these levels.
Q: We heard Raghuram Rajan speak, Montek Singh Ahluwalia is also saying that this is a temporary phenomenon so essentially reiterating what the government has been saying over the last two weeks but what kind of advise would you give to your clients at this point given the fact that target needs to be revised almost everyday now?
A: This move had essentially started in the mid of May. It was a technical breakout and the target for which was 60/USD. I think that target appears to have been met. So, essentially the range now then shifted from 57.59/USD to 58.61/USD.
However, now that the Fed event is over, for the time being we can expect that range to hold at 58.61/USD, although there will first be a bit of downtick before it moves back again.
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