Perspective on Rupee hitting a record low today of 80/$ level By Mr. Gaurang Somaiya, Motilal Oswal Financial Services
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Perspective on Rupee hitting a record low today of 80/$ level By Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services Ltd
“Rupee fell as broader strengthen in the dollar continued ahead of the important FOMC policy statement that will be released next week. Expectation is that the Fed could raise rates by another 75bps and maintain a hawkish stance. On the domestic front, trade deficit continued to widen and that also is weighing on the rupee. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 79.70 and 80.20.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
