(Shutterstock)The rupee may have come under pressure in the midst of the Covid-19 outbreak, but there are strong signals the currency may not be in for a major free-fall. Acuité Ratings & Research Ltd said in a report the currency is unlikely to go under the “ventilator” and has the resilience to rebound to Rs 71-73 range to the dollar. In worst case, it may breach the 80-mark to the dollar should the current disruption in the economy lasts beyond a quarter. Amid the intensification of the pandemic, the rupee has depreciated over 5 per cent since the beginning of this month. It added that compared with the 5.3 per cent depreciation of the domestic unit in March, the depreciation of a basket of six currencies in developing countries has been higher at 12.9 per cent.
Source: The Telegraph March 29, 2020 21:32 UTC