Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
"USDINR spot closed 25 paise higher at 75.42, on the back of weakness in equity markets and rising cases of OMICRON in India. Since 1st July, today is the third time the USDINR spot has closed above 75.40 levels. The last two times, there was no follow-through, but if the risk aversion persists, then USDINR can see further upside on the back of FPI outflows and corporate $ demand. We expect a range of 75.20 and 75.70 on spot over the near term."