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Published on 18/01/2022 5:06:34 PM | Source: Angel One Ltd

View on Currency Update by Heena Naik, Angel One Ltd

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Below are Views On Currency Update by Heena Naik, Research Analyst - Currency, Angel One Ltd

Since the past few days, the Indian Rupee has been trading in a positive manner. However, this trend has finally been obstructed pulling the Rupee in the negative territory. Today, the local unit has weakened by almost 0.45 percent touching the lower levels of 74.60. Reason behind the same could be attributed to the opportunistic dollar buying by importing companies and banks. 

 

Moreover, a lot of foreign investors are moving towards dollar denominated assets for investment as the FOMC Policy Meeting is around the corner (27th Jan’22) which could be hawkish in nature. This is hampering most of the emerging markets including India which is witnessing some outflows affecting the Indian currency in turn.

 

This weakness is likely to continue for some more time. There is a possibility of Rupee (CMP - 74.57) breaching 75.00 levels in the coming days. Break of the same could push the currency towards 75.20 and higher levels.

 

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