Below is the Quote on Currency by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"This week, the trend in USD/INR spot was very lacklustre and in a very tight range. As more economies reopening up and there is progress over Covid-19 vaccine, there is some optimism amongst the traders but year-long US-China trade tiff has been keeping a check on appreciation in the rupee. Also, RBI's rate cut move couldn't cheer the forex traders. The 40bps repo rate cut move was in line with market expectations but it didn't provide full-fledged restructuring of loans also didn't give the FY21 GDP figure. The RBI will have to take sector-specific measures to bring in this transmission. Going ahead, the investors focus will be on KKR and Reliance Industries' Jio related inflows of nearly $1 bln and FII participation in Reliance Industries Limited (RIL) rights issue. Technically, 76 has been acting as a psychological resistance in USD/INR spot, a break of which can take prices towards 76.20-76.50. Otherwise, we expect the spot to trade in between 75-76 zone."
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