In the near term the rupee might depreciate till 70.50 in the spot, according to Rushabh Maru of Anand Rathi.
The Indian rupee has opened marginally lower at 70 a dollar on April 25 amid higher crude oil prices in international markets.The currency ended at 69.87 to the dollar on April 24, lower by 25 paise over previous close.
"The rupee may remain under pressure in the near term as the crude oil prices are rising continuously in the international market," Rushabh Maru, Research Analyst - Currency and Commodity at Anand Rathi Shares and Stock Brokers told Moneycontrol.
He said the dollar index is also rising and that is a sign of worry.
In the near term the rupee might depreciate till 70.50 in the spot, according to him.
Having said that sharp depreciation in the rupee is unlikely due to strong sentiments in the domestic equity market on expectations of NDA coming back to the power, he said.
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