Rupee against dollar: the Indian currency rises against the USD; experts predict 75.20 levels by the end of the day

Rupee against dollar: Due to the weak US dollar (USD), the Indian rupee (INR) opened higher early in the morning. According to experts, the Indian currency is trading in the strong range of 76.5 on the upper side and 75 on the lower side. They said that due to the weakness of the US greenback, the Indian rupee could appreciate to 75.20.

Speaking on the INR vs. USD trend, Anindya Banerjee, deputy vice president of Kotak Securities, said, “The rupee is well positioned against the US dollar due to the massive dollar reserve at the RBI. Due to the weakness of the US currency, we can continue to witness a bullish movement of the rupee against the US dollar. ”

Anindya said that over the past week the rupee has traded in a range of 76.5 on the upper side to 75 on the lower side. But, for the immediate short term, he expected the national currency to rise to 75.20 levels.

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On the role of the RBI in helping the rupee to remain pegged against the US dollar, Anindya said, “The RBI is looking to recoup its reserves which it sold in the March quarter and has started to mop up that surplus. . The high surplus and financial flows from foreigners allowed the RBI to continue to mop up reserves without any upward impact on the USDINR. Therefore, in some way, knowingly or unknowingly, the RBI may have avoided a sharp decline in the USD-INR by absorbing the surplus. “

On what investors should do to take advantage of this INR-USD trend, Anuj Gupta deputy vice president of commodities and currency research at Angel Broking said, “Today the rupee opened with a positive rating due to the weak dollar and the increased lifespan of Indian FOREX Reserves. However, the reduction in global growth forecasts could dampen the sharp appreciation of the Indian rupee. For intraday trading, the Rupee has strong support at 75.30 levels and resistance at 76.00 levels. We recommend trading in USD-INR around 75.70 – 75.80, with a stop-loss of 76.00 and for the target of 75.30 levels. We expect an appreciation in Indian rupees.

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