Daily Rupee call: INR can be volatile today
Akhil Nallamuthu
BL Research Bureau |
Updated on
February 05, 2021
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It was a flat day for the rupee (INR) as it closed last session almost at the same level of Wednesday i.e. 72.96 against the dollar (USD). Thus, it continues to trade around the 73.00 mark and is struggling to take a direction.
The monetary policy committee (MPC) of the Reserve Bank of India (RBI) has left the repo rate unchanged today along with the expected lines. So, this might not have a significant impact on the exchange rate of USDINR.
Today, INR has opened at 72.98, without much deviation from Thursday’s closing level. If it appreciates from here, it can find hurdles at 72.80, above which 72.70 can be a hindrance. But if the domestic currency weakens and slips below 73.00, it can find support at 73.15. Subsequent support is at 73.25.