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