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Hardy: Rupee could hit crazy levels
The rupee falling to another record low. It’s one of the worst performing currencies this year down over 25% against the dollar.
And Saxo Bank’s John Hardy says in the short term we could see them hitting “crazy levels” of 70 or 75, but he doesn’t think that will be sustainable and so longer term the levels will hold.
But at these levels he says it’s all a question of confidence in the system and in the currency.
John thinks we will see it pivot when we see the Federal Reserve intervene; as it’s been fears about the winding down of US monetary stimulus that has caused much of the fall.
But foreign investors have also pulled money out because of the deteriorating economic conditions, with investors losing confidence in India’s central bank.
01:27 minutes
Tags: central bank, currencies, currency, dollar, economic conditions, economy, federal reserve, foreign investors, forex, fx, india, india's central bank, indian, investors, ipr, iprusd, john hardy, rupee, sara walker, saxo bank, saxo tv, tradingfloor.com, us monetary stimulus, usd, usdipr, video