Quote on Currency Commentary 6th October, 2021 by Mr. Gaurang Somaiyaa, Motilal Oswal Financial Services
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Below is quote on Currency Commentary 6th October, 2021 by Mr. Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services
“Rupee fell sharply primarily on the back of weakness in domestic and global equities and also as the dollar rose to fresh one-year level. Market participants remain cautious also ahead of the important RBI policy statement that is scheduled to be released this Friday. Any concerns over higher inflation in India in the RBI policy meeting could also weigh on the rupee. Global crude oil prices have rallied steadily in the past few weeks and that is adding to worries for India’s elevated oil import bill. today, focus will be on the private payrolls number that will be released from the US. We expect the USDINR(Spot) is expected to trade with a positive bias and quote in the range of 74.40 and 75.20.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
