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Rupee gains 5.5% on a YTD basis; likely to appreciate further

The Indian rupee has gained around 5.5% against the US dollar on a YTD basis. It has emerged as Asia’s top performing currency. The appreciating rupee is posing risks for the unhedged exporters in the country. However, the economists and the market experts believe that the bull run of Rupee will continue for the next few months.bonaz capital

The US dollar is likely to start strengthening once the US tax reforms roll out. The rupee is likely to start depreciating once the US dollar starts its bull run. The Reserve Bank of India is trying to arrest the sharp volatility in the USDINR exchange rate.

Importers who usually remain unhedged in most of the transactions are likely to hedge themselves to get benefits of rupee appreciation. The market experts say that the importers would take positions in-the-money. This may be helpful to find out the resistance level for the rupee.