Published on 15/10/2020 12:13:51 PM | Source: Angel Broking Ltd

Quote - USDINR By Mr. Anuj Gupta, Angel Broking Ltd

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Below is the Quote - USDINR By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

“Yesterday, Indian Rupee appreciated by 0.22 percent while the Dollar Index decreased by 0.15 percent. India’s CPI inflation for September came in at 7.34 percent remaining well above RBI’s tolerance band for sixth consecutive month. August retail inflation was 6.69 percent. U.S. economic data since May has been “surprisingly strong,” though it will still take perhaps another year for output to claw back to its pre-pandemic peak, according to Federal Reserve Vice Chair Richard Clarida. President Trump’s proposal for an extra stimulus package to support the economy fell significantly short of expectations. Despite this news, House Speaker Pelosi showed confidence that a deal will be reached eventually. CPI data from US came in line with market expectations at 0.2 percent for Sep’20. Positive data and positive comments from IMF may support the currency. As of today traders can go for sell in USDINR at 73.50, with the stop loss of 73.70 and for the target of 72.90. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon.”


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