IE:Indian rupee to Australian dollar 1-month target at 54.75: Westpac
Westpac says both Australian dollar and Indian rupee look set to struggle vs strong USD in coming weeks, but the pressure will be greater on Indian rupee.
India's current account deficit and reliance on crude oil imports are particular sources of stress on the rupee, Westpac says.
Meanwhile, AUD is likely to be weighed down by domestic data while a likely "unthreatening" CPI report is setting the stage for a rate cut at the Reserve Bank of Australia's review on Aug. 6.
Westpac says as a result it expected AUD/INR to trade within the recent approximate 54.60-56.30 range and a 1-month target at 54.75.
