Perspective note on rupee near 6-month low By Emkay Global Financial Services
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Below is Perspective note on rupee near 6-month low By Currency Desk of Emkay Global Financial Services
“The movement in rupee is mainly driven by the uptrend in crude and DXY. Some cooling off in crude prices and sell side RBI intervention may limit the trend in USDINR spot. But worries about US inflation are still alive and any upswing in US CPI this week, will boost expectations of an earlier FOMC rate hike next year after tapering, keeping the USDINR spot afloat. So this week, we expect the spot to trade in between 74.75-75.50. There lies a strong support around 74.80-74.75, a break of which may push the spot towards 74.50. While, on upside a break of 75.50, may open doors for 75.75.“
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
