Evening Currency Updates - April 7, 2022 - Kotak Securities

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

"USDINR spot closed 20 paise higher at 75.96 on spot due to hawkish US FOMC minutes. The US Fed has hinted at a few 50 bps rate hikes and also nearly $100 billion per month of balance sheet reduction. This can be termed as quite hawkish and sets the stage for a stronger US Dollar over the medium term. Oil prices have come-off and its trading near $104 on Brent and that is offering some comfort to the Indian Rupee. However, weak equity markets and strong US Dollar Index will weigh on the USDINR currency pair. We expect a range of 75.70 and 76.50 on spot over the near term."

Source : Equity Bulls

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