Currency market wrap up for the week by Emkay Global Financial Services
Below is perspective on the currency market wrap up for the week from Currency Desk of Emkay Global Financial Services
“USDINR rose around 1% this week mainly taking cues from weak market sentiments and FII outflows especially after the news of detection of a new and possibly vaccine-resistant virus variant in South Africa which in-turn strengthened safe-haven assets like the dollar and gold. It breached its crucial resistance of 74.75 and is currently trading at 74.88. Immediate resistance lies at 75.0 above which 75.25-75.40 is expected. On the downside 74.55 is the immediate support below which 74.25-74.0 will continue to act as strong support zones. For the coming week, USDINR Spot is expected to trade with the range of 74.25-75.40.”
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