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Published on 21/08/2020 4:48:18 PM | Source: Emkay Global Financial Services

The range bond movement in USDINR has continued even this week by Rahul Gupta, Emkay Global

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Below is the Quote on Rupee by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

 

“The range bond movement in USDINR has continued even this week. The recovery in dollar index and brief pullback in stocks gave some respite to the USDINR bulls however, the excitement was very brief. Overall, the weak US economic data is keeping dollar index subdued and there are no signs of recovery. So even going ahead, the subdued dollar will weigh on USD/INR spot and the tighter trading range of 74.50-75.20 will continue even next week. Meanwhile, this week we saw a consolidation in MCX gold, but the main fundamentals have not changed and broader bullish outlook is sill intact. The US fiscal stimulus package is still coming-in and its very pre-mature to say that the grim global economic outlook will recover, so for longer term, buy on dips is recommended around Rs 50000/10gms for the target of Rs 53500/10gms.”

 

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