Quote on Currency: USDINR treads on a straight path; next move towards 82.40 levels Says Heena Naik, Angel One
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Below Quote On "Currency" by Heena Naik- Research Analyst - Currency, Angel One Ltd
Since the past few days, the Indian Rupee has been trading with a strong bias; giving a ray of calmness to all the distressed importers. The prime reason for the strong trend is attributed to US Dollar Index’s fall along with bunched up dollar inflows into the system. Not only this, the huge pullback in crude prices has also worked in favour of the local unit.
Moreover, the recent strength in Rupee has narrowed the difference between the onshore and offshore Rupee price prompting market participants to reverse arbitrage positions. This has led to a fall in forward premiums.
Going forward, USDINR Spot (CMP: 81.71) is likely to move higher towards 82.00-82.40 levels in the next week as recent slump in the currency shall prompt the importers to make opportunistic dollar purchases. Also, the Dollar Index has changed its path to north due to hawkish remarks from Federal Reserve officials and stronger-than-expected retail sales data which could further influence the trend of USDINR negatively.
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