Published on 23/11/2020 11:06:23 AM | Source: ICICI Direct

Rupee expected to trade in range of 74.0-74.8 levels - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee expected to trade in range of 74.0-74.8 levels…

* US$INR futures fell gradually during the week till a low of 74.10 as a fall in the dollar index along with positive domestic equities kept selling pressure on the pair

* The dollar remained caught in a tug-of-war between the upbeat outlook arising from positive vaccine news and the relentless rise in Coronavirus infections that forced localised shutdowns around the world

* With fiscal stimulus plans remaining uncertain, speculation is growing that the Federal Reserve may further loosen monetary policy in December

* Therefore, we expect the rupee to trade in the range of 74.00-74.80 for the coming week as a rebound in dollar index is expected to support the pair. However, a rally in domestic equities may cap further gains


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