Evening Currency Update - April 22, 2022 - Kotak Securities

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

"USDINR spot closed 33 paise higher at 76.48, on the back of dollar demand from large corporates and speculative buying on account of weakness in stocks. Overnight hawkish comments from US central bank chief has increased odds of a 75bps rate hike in upcoming FOMC meetings. This is a major reason why USDINR has been bid all day. A strong US Dollar Index and weak Chinese Yuan is adding to the downward pressure on Rupee. Over the next week, USDINR can drift higher towards 76.80/77 levels on spot. Range could be 76.30 and 77.00."

Source : Equity Bulls

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EveningCurrencyUpdate Rupee INR KotakSecurities