Evening Currency Update - April 6, 2022 - Kotak Securities

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

"USDINR spot closed 43 paise higher at 75.75 levels, due to short covering demand from dealers and large bids from importers. Hawkish comments from the Fed vice chair last night triggered a sharp upmove in US bond yields and the US Dollar Index. This pushed USDINR higher. Tonight focus will be on the US FOMC minutes. Traders will seek clarity on the pace of balance sheet reduction and the quantum of the next hike. Over the near term USDINR is expected to trade within a range of 75.45 and 76.20 on spot."

Source : Equity Bulls

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