Quote on�Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

2024-11-06 04:29:48 pm | Source: LKP Securities Ltd

Quote on�Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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Below the Quote on Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

"The rupee traded sharply lower at 84.29 against the dollar, experiencing a significant drop of 0.20 due to the outcome of the US election, where Republican candidate Donald Trump emerged victorious. Trump's win has strengthened the dollar index, adding pressure on global currencies. The market reaction reflects concerns about potential sanctions and protectionist policies, given Trump’s history of prioritizing measures to strengthen the US economy. As a result, the rupee's weakness may extend further, with the next potential downside targets at 84.50-84.70, while resistance is likely to be seen near the 83.90 level."

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Quote on�Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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