Below are Views On The hopes of further stimulus under the Biden’s administration By Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"The hopes of further stimulus under the Biden’s administration is keeping all emerging market currencies including rupee on positive note. Also, we have IPO subscriptions this week, which are adding further support to the rupee rally. Although, Biden at his oath ceremony didn’t mention whether he will continue Trump’s stance against China and in our view he may continue the tough line which can weigh on rupee in the coming sessions. In USDINR spot, 72.90-73 zone is acting as a sticky support zone, only a break of this can push price towards 72.75, however a reversal may lead to the resistance of 73.30-73.40."
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