Below is quote on Evening Currency Updates 28 July 2021 by Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities
"The USDINR spot touched a low of 74.31 on the back of lumpy corporate and IPO related $ inflows, the lowest levels since early July. However, alleged intervention from the central bank pulled the pair near 74.38 by the close of day. Tonight's US FOMC meeting will be a key driver of volatility. A hawkish or dovish turn will determine the next volatility in USDINR. A broad range of 74.00 to 74.60 is expected over the near term."
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