The Indian rupee was extremely volatile in trade this week. In fact, the currency closed lower at 74.74 to the dollar.
"The week has been very volatile and rupee has depreciated nearly 2.5% on unprecedented bond buying plan by the RBI. Had the movement been dollar index driven, we wouldn't have seen such a sharp depreciation in the rupee. Again next week is a truncated week with two currency holidays, so we can expect the optimism over dovish Fed to limit the fall in rupee with focus on India's CPI data and impact of Covid's second wave. In USDINR spot RBI is seen intervening in the spot around 74.95 zone, so we can expect the spot to trade within 74.25-75.25," says Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
The volatility in the currency is here to stay and the RBI may step in next week to keep the currency less volatile.
Notifications
Settings
Clear Notifications
No New Notifications
Notifications
Use the toggle to switch on notifications
Block for 8 hours
Block for 12 hours
Block for 24 hours
Don't block
To start receiving timely alerts, as shown below click on the Green “lock” icon next to the address bar
Click it and Unblock the Notifications
Close X
Close X
To Start receiving timely alerts please follow the below steps:
Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.
Click it and Unblock the Notifications
Sign in with Google