Daily Rupee Commentary : Rupee consolidated in a range of 81.50 and 82.50 for the past few weeks Mr. Gaurang Somaiya, Motilal Oswal Financial Services
Below is on Daily Rupee Commentary By Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
“Rupee consolidated in a range of 81.50 and 82.50 for the past few weeks and volatility remained low despite a number of events. Be it economic numbers like the inflation, housing or retail sales or the central bank policy statement that were released from India and the US. On the domestic front, yields have corrected but rupee as such has been quite resilient and that has been on back of suspected RBI intervention. Reserves have been on the rise and currently stands around $ 585 billion suggesting that the central bank is preparing for any future uncertainty. Yesterday, the Fed raised rates by another 25bps and hinted towards taking pause in this year but reiterated that it will be ‘Data-Dependent’ after which the dollar was weighed down against its major crosses. We expect that in the short term unless and until the range is not taken out there might not be a clear trend coming in.”
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