Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
"USDINR spot closed at a fresh all-time highs at 81.62, up 64 paise, after touching a high of 81.65. Massive rally in the US Dollar Index and collapse in the British Pound triggered this up move. Additionally sharp rise in US and UK bond yields and sell off in global equities contributed to the bearish sentiments in EM currencies. Over the rest of the week, we could see massive two way volatility across currency pairs, including the USDINR, as central bank fight it out with speculators. As we can expect a range of 80.70 and 82.10 on USDINR."