Quote on Rupee by Rahul Gupta, Emkay Global Financial Services
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Below are Quote on Rupee by Mr. Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services
“After the budget, it was obvious that RBI wouldn’t spoil the party. The MPC stance was more over on the lines with our expectations of keeping the repo rate unchanged with accommodative stance. The positive take away for currency market was the growth projection, rupee surged after the real GDP growth was projected at 10.5% for FY22. The USDINR spot’s outlook depends on risk sentiments, which will continue to pick up as nations are lifting travel restrictions. With hopes of liquidity unswerving global economic stimulus we expect the downward trend to continue in USDINR spot. The 72.75 zone is acting as a sticky support a break of which will push prices towards 72.50, while 73.50 will act as a resistance.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
