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Below is the daily currency commentary 20th August, 2021 by Mr. Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“Rupee fell in the opening session as the dollar rose sharply against the US dollar after the release of FOMC meeting minutes that showed Fed members largely expect that later this year they will reduce the central bank's emergency monthly purchases. The minutes also magnified the importance of the next few monthly jobs reports, with solid gains needed to meet the Fed's expectations and show the virus has not begun to again slow the economy. Today, volatility for the dollar could remain low as no major economic data is scheduled to be released from the US. We expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 74.05 and 74.50.”

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