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Below is perspective on the currency market wrap up for the week from Currency Desk of Emkay Global Financial Services

“USDINR rose around 1% this week mainly taking cues from weak market sentiments and FII outflows especially after the news of detection of a new and possibly vaccine-resistant virus variant in South Africa which in-turn strengthened safe-haven assets like the dollar and gold.  It breached its crucial resistance of 74.75 and is currently trading at 74.88. Immediate resistance lies at 75.0 above which 75.25-75.40 is expected. On the downside 74.55 is the immediate support below which 74.25-74.0 will continue to act as strong support zones. For the coming week, USDINR Spot is expected to trade with the range of 74.25-75.40.”

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