Currency commentary 22 May 2022 by Mr. Gaurang Somaiya, Motilal Oswal Financial Services
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Below is currency commentary 22 May 2022 by Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Rupee fell towards fresh all time lows especially as the dollar rose against its major crosses. The greenback rose ahead of the Fed Chairman’s testimony. Expectation is that the commentary could be hawkish and that could support the dollar at lower levels. Pound fell sharply after UK CPI in May came in line with estimates.
We expect the USDINR to trade sideways but with a positive bias quote in the range of 77.70 and 78.50.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
