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USD-INR - Oct 9, 2020 - Angel Broking

Posted On: 2020-10-08 22:49:45 (Time Zone: Arizona, USA)


Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

"As expected yesterday USDINR appreciated by 0.07% and closed at 73.21 levels due to weakness in the dollar index. Performing equity market also supports the currency and expectation of positive economic data also supportive for the currency. India's services sector, hit severely due to the over two-month long pandemic-induced lockdown, neared recovery in September, with the PMI for services rising to 49.8 from 41.8 in August. US FED officials worried that a lack of further fiscal stimulus would jeopardize an economic recovery that was moving faster than expected, according to meeting minutes. As of today traders can go for sell in USDINR at 73.40, with the stop loss of 73.70 and for the target of 72.80. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon."


Source: Equity Bulls

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