Rupee Strengthens on IMF Deal Optimism and Exporter Dollar Sales, More Gains Expected
-
Rupee recovered 0.36% against dollar recently due to optimism from IMF deal and dollar sales by exporters.
-
Rupee expected to strengthen further to around 282/$ as exporters sell dollars anticipating appreciation.
-
IMF deal approval to bring $700 million, boosting total disbursements to $1.9 billion.
-
Positive developments sustaining rupee - reserves to increase after IMF loan, remittances/exports improving, lower oil prices.
-
But reforms progress slow - low productivity, low tax/GDP, energy reforms, privatization of loss-making SOEs.