Below is the Quote on Rupee By Angel Broking
“In the week gone by, Indian rupee depreciated by 0.44 percent and currently stands at 73.44 against the US dollar. India’s CPI inflation came in at 7.34 percent for September again breaching RBI’s tolerance band for the sixth consecutive month. Retail inflation for August was 6.69 percent. US FED Vice Chairman Richard Clarida expressed his views on economic data being surprisingly strong since May though it will take another year for the output to reach pre pandemic levels in the US. Unemployment claims from the US also came in worse than expected at 898K. Meanwhile, the US senate will vote on a $500 billion stimulus package on 21st October according to Senate Majority leader Mitch McConnell.”
With voting likely to happen on the stimulus package, USDINR (CMP: 73.44) is likely to move in range from 72.5 mark at the lower end of the spectrum and 74.5 mark at the higher end. (19th Oct – 23rd Oct 2020).
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