Morgan Stanley on Tuesday said Indian currency will appreciate further to reach the level of Rs 36-37 per dollar by the end of next year.
"Indian rupee will be appreciating further. We expect rupee to reach to the level of Rs 36-37 per dollar by the end of next year," said Morgan Stanley's Managing Director Jonathan Garner.
He said long-term capital inflow and India's growth would result in appreciating Indian rupee over the period. "Exchange rate appreciation is happening in many emerging markets and not in India alone," Garner said.
Cautious on India's share valuation which is currently trading at 22 times, he said, 'some easing is possible'.
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