Evening Currency Updates - March 16, 2022 - Kotak Securities

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

USDINR spot closed 34 paise lower at 76.26, as lower oil prices and rebound in Chinese stocks caused long liquidations in the pair. Rupee has been an outperformer over the past one week thanks to lower oil prices. Tonight's Fed meeting will be keenly watched. Fed is widely expected to hike by 25 bps, which should be non eventful. However, if Fed drops a hint of 50 bps hike in future meetings or talks about balance sheet run off, then it can be positive for USDINR. We expect a range of 75.70-76.70 over the near term.

Source : Equity Bulls

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