USD-INR - Oct 12, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

"Last week, Indian Rupee appreciated by 0.07 percent while the Dollar Index decreased by 0.29 percent. RBI decided to keep interest rates unchanged at 4 percent and monetary policy stance accommodative. RBI sees GDP contracting by 9.5 percent in FY21 but can expect recovery from Q4FY21. US FED officials worried that a lack of further fiscal stimulus would jeopardize an economic recovery that was moving faster than expected, according to meeting minutes. The meeting featured extensive discussion about the economic outlook, as members said the economy was doing better than expected in good part because of the fiscal help provided by Washington. That support is in jeopardy as talks have broken down between the White House and congressional Democrats and may not resume before the November election. As of today traders can go for sell in USDINR at 73.30, with the stop loss of 73.50 and for the target of 72.80. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon."

Source : Equity Bulls

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