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Below is the Quote on Rupee by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly $5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month. However, global market is still risk averse it is virtually impossible for traders to imagine how the world will come out of the coronavirus pandemic. This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels.
If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level."
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