The Indian rupee has seen massive depreciation against the US dollar since February when a heavy sell-off was witnessed in the domestic equities following the global trend while the home currency has breached the peak levels of 66, 67 and 68 per US dollar in the last one-and-half-month only.
Earlier on Tuesday this week, the rupee crossed the level of 68 apiece US dollar, falling by 56 paise in a single day possibly on the back of FPI’s selling pressure, the continuous surge in crude oil prices coupled with the cliffhanger outcome of Karnataka Elections 2018. During the day when Karnataka Assembly elections results have been announced, the rupee’s movement was mostly in sync with the trends of results.
Surprisingly, just a day after rupee crossed 68 per US dollar mark, it made a sharp recovery of as much as 27 paise after touching a fresh 16-month high of 68.15 on Wednesday. Earlier on Tuesday this week, the rupee dropped 56 paise to close at 68.07 against US dollar versus a close of 67.51 on Monday.
SBI Q4FY18 Result Expectation:
- NII – Rs 18,756cr, up ~19% yoy, due to higher loan growth, projected domestic credit pickup could lend support to NII growth.
- PPOP – Rs12,610cr, decline of ~3.5% yoy, due to expected higher operating expenses and lower other income.
- PAT – Rs1,051cr, decline of ~72% yoy, profit growth is likely to decline yoy due to higher NPA provisions and lower treasury income.
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