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Commentary by Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
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“Rupee continued to remain under pressure and fell to fresh all-time lows following rising uncertainty between Russia and Ukraine and rally in global crude oil prices. Momentum has been towards rupee depreciation for the past few sessions as market participants remain on the edge following geopolitical tensions. This week, on the domestic front, industrial production number will be important to watch and that could trigger volatility for the currency. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 76.70 and 77.50.”
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