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Currency Commentary: This week focus will be on the employment number Says Mr. Gaurang Somaiya, Motilal Oswal Financial Services
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Currency Commentary For 29 August 2022 By Mr. Gaurang Somaiya, Forex & Bullion Analyst Motilal Oswal Financial Services
“Rupee fell to fresh all-time lows after hawkish comments from the Fed Chairman at the Jackson Hole symposium. Fed Chaiman said the U.S. economy will need tight monetary policy "for some time" before inflation is under control. Powell gave no indication on Friday of how high rates might rise before the Fed is finished, only that they will go as high as needed. This week focus will be on the employment number that will be released from the US. We expect the USDINR(Spot) to trade sideways with a positive bias and quote in the range of 79.70 and 80.50.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
