Perspective note on rupee 08 December 2021 By Emkay Global Financial Services
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Below is Perspective note on rupee 08 December 2021 By Currency Desk of Emkay Global Financial Services
“The USDINR spot has been trading above 75 zone all throughout this week and today’s dovish than expected RBI policy kept the uptrend in USDINR spot intact. The focus is on this Friday’s US CPI data, a better than expected CPI print should increase further bets for hawkish Fed and send the US Dollar higher once again. Also, the divergence between Fed and RBI policies will keep the USDINR spot afloat. But this week we expect 75.70 to act as a strong resistance, as slew of IPOs related flows can keep a check on the upside in spot, with 75 acting as a strong support. Only a break of 75.70 will push prices towards 76 zone.”
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