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Market Commentary
Evening Currency Updates - Nov 30, 2021 - Kotak Securities
Posted On : 2021-11-30 22:06:14( TIMEZONE : IST )
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
"USDINR spot closed 5 paise higher at 75.15, closer to the high of the day in volatile trading. News that some vaccines and drugs may be less effective against OMICRON triggered a reversal in risk sentiments. However, the upside reaction was muted due to MSCI rebalancing related inflows and FPI flows into Star health IPO. Over the near term, volatility will be high. We expect the Rupee to remain under pressure, especially against low-yielding currencies like Euro and Yen, due to carry unwinding. We expect a range of 74.70 and 75.40 on spot USDINR."
