Evening Currency Updates - April 19, 2022 - Kotak Securities

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

"USDINR spot closed 24 paise higher at 76.50, after a late buying surge, due to FPI bids in the market. A sharp sell-off in local equities may have brought aggressive bids from FPIs and speculators. With US bond yields marching higher with 10 year shy of 3%, level last seen in 2018, traders are becoming jittery, about being long Rupee. Over the near term, volatility can be high as USDINR trades with an upward bias and within a broad range of 76.20 and 76.80 on spot."

Source : Equity Bulls

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