Quote on Rupee : Holding its strength above 102.50 dollars Says Jateen Trivedi, LKP Securities
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Below is Quote on Rupee 17 May 2023 By Jateen Trivedi, VP Research Analyst at LKP Securities
The Rupee continued to show weakness as it breached below the 82.40 down by 0.16rs, against the US dollar. The US dollar remained strong, holding its strength above 102.50 dollars. The ongoing US debt crisis and the hawkish tone from the Federal Reserve have pushed currencies against the dollar, including the rupee. However, the fall of the rupee was limited around 82.40 due to strong participation from Domestic Institutional Investors (DIIs) in the capital markets. The USDINR range has shifted higher, with support at 82.15-82.20 and resistance at 82.50-82.60. These factors suggest that the rupee weakness is likely to continue in the near term.
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