Evening Currency Updates - Jan 19, 2022 - Kotak Securities

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

USDINR witnessed a U-turn and closed 15 paise lower at 74.42 levels. Heavy dollar sales from PSUs triggered stop losses of speculators and pulled the pair down from 74.70 to 74.40 levels. Till Union Budget, 4 factors will keep USDINR volatile; crude oil prices at 7 year high, surging US real yields, stock market volatility, and hopes of amendment to tax laws for FPI investment in bonds to allow for inclusion of GOI secs in global bond indices. Over the near term we expect a range of 74.25 and 74.75 on spot.

Source : Equity Bulls

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