Below is the Views On After a sharp fall in the USDINR spot by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"After a sharp fall in the USDINR spot, it seems that the spot has stabilised tracking the uptick in dollar index. The ATM implied volatility has been rising but looks like RBI is fine with the volatility factor and appreciating rupee. The closely watched US non-farm payrolls report is also due on Friday, and it may prompt some buying in USDINR by investors ahead of it. However, just one session of dollar strength cannot change the overall bearishness in USDINR. So unless the USDINR spot keeps trading above 72.75, the uptrend may continue towards 73.20 zone."
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