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Indian rupee is not trading at its fair value around Rs 71/$ after Chinese Yuan hit the lowest point of 7 against USD. This has not been seen since 2008. Removal of Article 370 and weak Chinese Yuan has hit Indian rupee hard and our currency has depreciated rapidly. It seems RBI is not too keen and may intervene if volatility rises. On August 7, RBI announced 35 basis point rate cut and we expect Indian rupee to depreciate till 71.50-71.70 per US dollar. On the downside, 70.60 remains strong support.
Gold is trading at 6 years high in COMEX
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