Below is currency commentary 19 May 2022 by Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
“Rupee consolidated in a narrow range despite sharp sell-off in domestic and global equities. Dollar too retraced from higher levels after economic number released from the US came below estimates. Housing numbers released from the US yesterday came in below estimates. On the other hand, Japanese Yen rose following safe haven buying as uncertainty on back rising inflation increased. Today focus will be on Philly Fed manufacturing index to gauge for the dollar. We expect the USDINR to trade with positive bias and quote in the range of 77.20 and 78.05”
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