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Published on 22/07/2020 11:34:40 AM | Source: ICICI Direct

Rupee: Immediate hurdle at 75.5 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee: Immediate hurdle at 75.5…

* The rupee has moved above 75 levels and has an immediate resistance at 75.50. The recent money flow had led to appreciation in the currency. It seems if the US$INR declines again, the appreciation may extend towards 74.0

* FII outflows have continued, which has led to depreciation in the currency in the last couple of days. However, the appreciating bias is likely to continue in the currency pair

* The dollar weakness is the major trigger for the currency appreciation. This appreciation trend is seen in other EM currencies also. The expectation is that a stimulus may be announced in the US again, which can lead to more appreciation in EM currencies

 

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