Evening Currency Updates - Dec 13, 2021 - Kotak Securities

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.

USDINR spot closed at 74.76, flat for the day. Morning strength in Rupee evaporated once local stocks moved in the red. A weak equity market and strong US Dollar Index helped USDINR well off its lows of 75.62. Bias continues to remain upward going into the US Fed meeting on Wednesday, as Fed is expected to increase its pace of taper to 25/30 billion dollars from 15 billion monthly run rate. At the same time, they are expected to sound hawkish about rate hikes next year. We expect a range of 75.50 and 76.10 on spot over the near term.

Source : Equity Bulls

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