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Below is Perspective note on rupee 09 March 2022 By Currency Desk of Emkay Global Financial Services

“The Rupee continues to hover around its recent swing highs. The pair had hit an all-time low of 77.15 against the US Dollar following the negative global sentiments and a surge in commodity prices which will hurt the Indian economy in the near-term. The US and the UK announced a ban on imports of Russian oil yesterday. Meanwhile, the Russian president Vladimir Putin promised retaliation against the moves by the West. Reports suggested that the Russian president had signed a decree blocking exports and raw materials from Russia of 'certain materials'. Rating agency Fitch downgraded Russia to “C” saying that on the back of recent sanctions on the country a sovereign default is imminent. The EURO hit multi-month low of 1.080 levels as markets are worried that the European economy would slip into recession following the recent events. Downside to SPOT USDINR pair looks limited to 76.40 and strength above 77.20 will open targets of 77.50/77.75 levels for the current upswing..”

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