Since the ban, the rupee has been more than 6 per cent stronger. In the last 3 months, there is stability in the rupee. Commodity experts say that the current level can lead to further strengthening of rupee. Rupees will also be supported by GST and monsoon in addition to the weak dollar index. In the next few months, the rupee can reach level of 63.50. At the same time, there will be stability in rupees this year and it will not be able to come below 65.5. Let us note that since the ban on bondage, the rupee had dropped to 68 level from November 28. With the end of the ban on bondage, it saw strongness. It came at 64 level in April 2017. At the same time, from April till now it has been receiving registration from Laval 65. Whenever the rupee turned towards 65, it has come back from 64.50 to 64.60. This trend is expected to continue even further.
May be up to 63 levels
Commodity experts say that in July most of the time the rupee looks stronger at 64.30 levels, while in the next few months it seems to be strong at the level of 63.20, in the next few months it can reach level of 63.20 . At the same time, talking about the whole year, it will not be below 65.80.
If the rupee does not rise or fall, then the margins of import-based oil companies such as Indian Oil, HPCL and BPCL can be increased. On the other hand, shares of domestic fertilizer companies such as Coromandel International, Chambal Fertilizers, may bounce. Power companies that import coal, such as Tata Power and Adani Power, will also be benefitted firmly in the rupee. At the same time, the strong rupee for companies borrowing in foreign currency is positive. They have to pay less in dollars, which will improve their balance sheet. Such companies include Bharti Airtel and Idea.
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