Citigroup has lowered its target for India's benchmark index to 18,900 from 20,800 earlier, citing increasing uncertainty after the rupee's slide despite the Reserve Bank of India's measures to stem the fall, the global investment bank said in a report.
The rupee slumped as much as 1.6 percent to 64.13 to the dollar, adding to its 2.3 percent rout on Monday, before traders said the Reserve Bank of India was seen stepping in to sell dollars.
The rupee was last at 63.72 to the dollar, off its all-time low of 64.13.
After the measures adopted by the central bank failed to stem the rupee fall, Indian markets are now swamped with uncertainties - monetary/currency policy, economic/ investment revival, earnings, flows and elections.
Source : ET Markets
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