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Below are Quote on Evening Currency Updates by Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“It was a day of lackluster trading as USDINR closed barely 5 paise higher on July futures at 74.65 and 9 paise higher on spot at 74.58. FPI selling capped the upside.  After a stronger than expected CPI inflation report from US, focus will be on tonights' US Fed chief's testimony. He needs to sound hawkish for USDINR to attempt 74.80/90 levels. Over the next two days, FPI flows in the ongoing ZOMATO IPO can be a negative factor for USDINR. However, we expect RBI to intervene at lower levels. A range of 74.30-74.85 is expected over the next couple of days.” 

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