Below is quote on Evening Currency Update 22 October 2021 by Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities
"Since the end of September, Indian Rupee has been one of the weakest currencies in the world on the back of rising oil prices. However, thanks to lumpy corporate inflows and sharp appreciation in the Chinese currency, the Indian Rupee appreciated by nearly a percent against the US Dollar. The gains could have been far bigger if local equity markets had not been under selling pressure this week. Next week, focus will be on oil prices, USDCNH and Nifty. If oil prices continue to climb, with Nifty continuing to slide but USD CNH weak, then USDINR may not have a clear cut direction. It may slip into a range between 74.60 and 75.10 levels on spot. During range bound periods, with low volatility, focusing on low-risk option strategies can be a rewarding strategy. Therefore, either traders can look to sell on rise USDINR futures as long as the spot is not closing above 75.10. Or they can sell USDINR options, like strangles and iron condors to benefit from a range bound market."
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