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Published on 3/07/2020 5:36:23 PM | Source: Emkay Global Financial Services Ltd

Quote on Rupee by Mr. Rahul Gupta, Emkay Global

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Below is the Quote on Rupee by Mr. Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services

“This week there has been a shift in USDINR spot trading range to 74.50-75.50. The spot was holding the psychological support of 75, however, it broke mainly due to the dollar inflows likely on account of Reliance Jio, and hopes of a V-shape recovery in the global growth. All this while, RBI was intervening and sucking out all the dollar inflows, and it may continue doing so. The year long US-China trade war is reigniting and will put some pressure over the safe-haven demand for dollar in Asian trade. We expect the 74.50 to act as a strong support, consistent trading above 75 may push prices towards 75.50.”

 

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