BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
We expect the rupee to appreciate further as consistent Foreign institutional investors (FII) inflows in domestic equities along with continued weakening of the dollar due to near zero interest rates for the longer term will keep further pressure on the pair.
U.S. dollar Indian rupee futures have an immediate hurdle at 74.50 level. As long as it sustains below this level, we will see this appreciation trend continuing in the near term towards the next major support around 72.30 level.
We believe gold prices will benefit as a perceived hedge against inflation and currency debasement triggered by the money printing by global central banks to ease the economic blow from the pandemic.
Hence, we expect gold prices to bounce from current levels towards immediate target placed around Rs 56000.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
