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Below is Perspective note on rupee 18 February 2022 By Currency Desk of Emkay Global Financial Services

“SPOT USDINR pair continued to erase its intra-week gains as the pair has moved lower from its highs of 75.72 as markets are hoping for a diplomatic solution for the current stand-off between the West and Russia on the Ukraine issue. The U.S. President Joe Biden said the threat of an invasion is "very high" but the US secretary of state Antony Blinken told the UN security Council that diplomacy is the only responsible way to resolve the ongoing crisis and has accepted an invitation to meet with Russian Foreign Minister Sergei Lavrov late next week for talks on the issue. Blinken urged the Russian government to state it clearly and plainly to the world that they will not invade Ukraine. Markets heaved further sigh of relief as Russia said they were withdrawing more tanks, hardware from near ukraine, this morning. Any diplomatic break-through during the coming week will help the USDINR pair strengthen further towards 74.25/73.80 levels. A reversal towards 75.76 will now be seen only above 75.40 levels.”

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