Rupee - 5th October 2020 - Angel Broking

Mr. Vaqarjaved Khan - Research Analyst, Angel Broking Ltd

"In the week gone by Indian rupee depreciated by 0.62 percent and currently stands at 73.32 against the US dollar. S&P ratings is expecting India's economy to contract by 9 percent in FY21 due to Covid-19 crisis as well as weakening fiscal position will constrain the Government's ability to support the ailing Indian economy. The House has approved a $2.2 trillion Democratic coronavirus stimulus plan despite a reluctance in deal between Democrats and the Republicans. However, the deal is unlikely to be passed in the senate where Republicans hold the majority and is unlikely to become a law in the coming time. Also non-farm payroll data from US came in at 661K against expectations of 900K.

Outlook

With second stimulus package unlikely to pass, USDINR (CMP: 73.13) is likely to move in range from 72.5 mark at the lower end of the spectrum and 74 mark at the higher end. (5th Oct - 9th Oct 2020)."

Source : Equity Bulls

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