According to Anindya Banerjee, Currency Analyst, Kotak Securities, "USD.INR managed to cross the 54.00 bar as weakness in global equity markets and currencies prompt a short-covering push in USD. Technical structure in USD has been appealing ever since the spot crossed 53.15/20 levels, a few weeks back. Market would keep a close watch on moves from the Central Bank, lowering of policy rates or announcement of OMO could adversely affect the Rupee over the medium term. USD/INR is expected to face stiff resistance around 54.30/50 levels and hence can trade within a range of 53.50 to 54.50 on spot for the medium term.”
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