Below is Perspective on Rupee By Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
“Rupee rose sharply as the dollar plunged against its major crosses.
Weaker-than-expected economic data from the US led to retracement in the dollar.
Expectation is that the Federal Reserve will slow the pace of its rate hiking cycle.
This sent the euro back above parity with the greenback for the first time in a month.
Pound extended its gains on optimism that Rishi Sunak and his team will restore stability and credibility in the UK.
Today, focus will be on the ECB policy statement and expectation is that the central bank could be hawkish and extend gains for the currency.
We expect the USDINR(Spot) to quote in the range of 82.10 and 82.50.
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