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Below is Perspective note on rupee 23 March 2022 By Currency Desk of Emkay Global Financial Services

“The Rupee saw a sharp correction from its highs of 76.49 levels registered yesterday post comments from Ukrainian President Volodymyr Zelensky that his country is ready to discuss commitment not to join the NATO if Ukraine’s security guarantees are met in exchange for abandoning NATO membership request. He told that the West was unsure of what to do with Ukraine on NATO. Any positive development on the diplomatic front will trigger further strength in the Rupee towards 75.50 levels. Meanwhile, US Fed. chairman Powell said that the Fed will hike by more than 25Bps each time ‘If needed’ to bring down US inflation which is currently at historic levels. An upside reversal in the Rupee will be seen only if the pair breaks above 76.50. This will trigger a rally towards 77 levels again.”

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