The trading in USDINR spot is very lackluster ahead of the Fed`s outcome By Rahul Gupta, Emkay Global
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Below are Views On The trading in USDINR spot is very lackluster ahead of the Fed`s outcome By Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services
“The trading in USDINR spot is very lackluster ahead of the Fed’s outcome. The forex market will react to this FOMC policy only through the prism of US Treasuries. If Powell presents a dovish narrative then we may see a modest gain in the emerging market currencies later this week. However, any signal or inclination to start raising interest rates in 2023, and no expression over inflation will fuel the dollar rally. In USDINR spot 72.40-72.50 is acting as a strong support zone, a break of which can push prices towards 72.20-72.25, while 73 will act as a crucial resistance.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
