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Published on 28/08/2020 4:23:30 PM | Source: Emkay Global Financial Services Ltd

The sharp fall in USDINR spot has been very unexpected and traders are in shock - Mr. 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 sharp fall in USDINR spot has been very unexpected and traders are in shock, with every major support being tested. After a very choppy trading since the beginning of this month, the spot has dropped sharply to a six month low of 73.30. Initially, RBI was protecting 74.50 zone but its absence has led to a free fall. Globally, risk sentiments have strengthened on aggressive stimulus by Fed and there has been sharp inflows into local stocks. The question arise whether can we expect RBI intervention going ahead or it is comfortable with current levels. Technically, 73 looks to be a strong support and unless the spot doesn’t consistently trade above 73.50, the bearishness will continue, with 74 being resistance.”