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Below is the Quote on Rupee by Mr. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"The month of May is usually a weak month for rupee. This week market remained range bound in between 75.50-75.80 range. The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe haven dollar demand. Also, coronavirus cases are increasing, stocking fears of second wave of infection. Locally, there are concerns over macros, due to the extension in lockdown, India's GDP is expected to fall near 1%. While, market is eagerly waiting for more stimulus measures from the government. So, the volatility in spot may continue and 75.30-75.50 will act as a strong support and we may see a bounce towards 76.50 level."
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