Below is the Technical Quote On Rupee by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"After depreciating for last two-week, this week we saw a rise in USD/INR spot. The spot respected the crucial support of 74.50 and bounced towards 75.30 zone mainly on coronavirus concerns and RBI intervention. Also, the fear that renewed lockdown may derail economic recovery all over the world, led traders seek shelter of gold, which is a safe-haven asset. The MCX Gold hit al time high of 49348, however some profit-booking is seen. Going ahead, we expect the caution surrounding the impact and duration of virus may keep all riskier assets on an edge, including rupee. We see USD/INR trading in between 74.75-75.75. Only heavy inflows may cap the upside in USDINR spot. While, in gold the recent high of 49348 will act as a crucial resistance, unless the level is broken, we may see some fall in gold prices until 47500. However, if prices continue to trade above 49500 then only we can expect a rally towards 50000."
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