INSUBCONTINENT EXCLUSIVE:
Prevailing concerns on the current account deficit front affected the rupee, say analystsExtending its fall to a fourth session in a row,
the rupee dropped to a fresh closing low of 71.22 against the US dollar on Monday
strength in the dollar reversed the gains
Factors such as rising global crude oil prices, concerns over US-China trade war, and contagion risks from Turkey and Argentina impacted
forex market sentiment, dragging the rupee further from 71 levels
prevailing concerns on the current account deficit front are seen limiting the recovery, say analysts."Pick up in manufacturing and
construction activity is a heartening sign
The next leg of growth could come in from pick up in gross fixed capital formation as the economy is now operating close to full potential,"
two-year high of 8.2 per cent in the April-June period
Strong performance of manufacturing and agriculture sectors drove the overall GDP figure, cementing India's position as the world's
fastest growing major economy.Separate data on Friday showed that growth in eight core sectors picked up to 6.6 per cent in July
The core sector - comprising coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - had registered a
growth of 2.9 per cent in July last year."Though the domestic data can bring about a cheer for a brief while, with the environment we are in
right now, the rupee is more likely to track global cues
Likely range 70.57-71.00," IFA Global added.The dollar index, which measures the greenback against six major currencies, was flat at 95.171,
near a one-week high on worries over an escalation in trade conflicts between the US and its trading partners.Meanwhile, domestic stock
markets started the week on a lower note
