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Perspective note on rupee 12th November 2021 By Emkay Global Financial Services
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Below is Perspective note on rupee 12th November 2021 By Currency Desk of Emkay Global Financial Services
“This week USDINR spot bounced from 73.80 zone on firm dollar as US CPI took markets by surprise and has started to pile more pressure on the Federal Reserve to raise interest rates. Locally, IPO related flows have dried off and Evergrande woes persist, though so far it has managed to avoid the default, but risk appetite will remain on tenterhooks amid global inflationary pressure. Next week is quiet on economic data front, thus we expect USDINR spot to trade sideways in between 74-75. Only a closing below 74-73.80 may push prices towards 73.50 zone. However, 74.70-75 will act as a strong resistance.”
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