Currency Update 11 February 2022 by Mr. Gaurang Somaiya, Motilal Oswal
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Below is the Currency Update 11 February 2022 by Mr. Gaurang Somaiya, Motilal Oswal Financial Services Ltd
“Rupee fell against the US dollar after inflation in the US rose sharply in January. U.S. consumer prices rose solidly in January, leading to the biggest annual increase in inflation in 40 years, fueling financial markets speculation for a big jump in interest rate from the Federal Reserve next month. Dollar has gained against its major crosses following an uptick in inflation. Today, focus will be on the preliminary consumer sentiment number and that could extend gains for the dollar. We expect the dollar to trade with a positive bias and quote in the range of 75.05 and 75.80.”
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