01-01-1970 12:00 AM | Source: Emkay Global Financial Services Ltd
Perspective note on rupee 21 January 2022 By Emkay Global Financial Services
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Below is Perspective note on rupee 21 January 2022 By Currency Desk of Emkay Global Financial Services

SPOT USDINR pair continued to erase its recent losses as the pair has recovered from its mid January lows of 73.76 levels. The pair hit a high of 74.72 levels this week. Investors are worried about inflation and are expecting tighter U.S. monetary policy in the US Federal Reserve meet scheduled for the next week. The U.S. Treasury yields also hit fresh two-year highs.

Meanwhile tensions continued to mount between the U.S. and Russia as the white house said that if Russia moves its military troops into Ukraine, that it will be considered an invasion and U.S. will respond accordingly. The U.S. also warned of strong economic sanctions on Russia if the situation escalates. Brent crude oil prices rallying to hit a 52-week high of 89.46$ this week also kept the Rupee under pressure. Strength above 74.65 levels on the SPOT USDINR pair will open targets of 75/75.25 levels. Areas between 74.30—74.25 are crucial support below which the pair will see a sharp reversal towards 73.76 again.


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