Daily Currency Commentary 17 June 2021 by Mr. Gaurang Somaiyaa, Motilal Oswal Financial Services
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Below are Quote on Daily Currency Commentary 17 June 2021 by Mr. Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services
“Rupee fell sharply in today’s session after the Federal Reserve released its policy statement, wherein it held rates unchanged but turned a little hawkish in its commentary. The Federal Reserve Chairman said that there had also been initial discussions about when to pull back on the Fed's $120 billion in monthly bond purchases, a conversation that would be completed in coming months as the economy continues to heal. Today, from the US, Philly fed manufacturing and weekly unemployment claims and better-than-expected economic data could further strengthen the dollar. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 73.70 and 74.30.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
