Ivan Delgado
Independent Analyst
We had mentioned in our earlier reports that the only to way prevent sharp gains in the rupee was allow gold imports. Yesterday gold imports were opened up. This will prevent short term very sharp weakness in the rupee. There is expectation that more and more foreign inflows will come up which will test the Reserve bank of India. FOMC minutes did not have any surprises. Russia-China gas deal could make US imposed trade sanctions useless in the long term. The US dollar should remain firm. Bank of England gave indications that interest rate could be raised as early as June.
Usd/inr May 2014: Failure to break 59.10 by Friday will result in a fall to 58.20 and 57.90
Euro/inr May 2014: It needs to trade over 80.30 to target 80.66-81.30.
There will be sellers as long as euro/inr below 80.30 to 80.11 and 79.70
Gbp/Inr May 2014: It needs to trade over 98.80 to target 99.40-100.15. There will be sellers only below 98.80 today to 98.58 and 98.30
Jpy/Inr May 2014: It needs to trade over 57.75 to prevent further sell off to 57.45 and 57.02.
Usd/inr May 2014: Failure to break 59.10 by Friday will result in a fall to 58.20 and 57.90
Euro/inr May 2014: It needs to trade over 80.30 to target 80.66-81.30.
There will be sellers as long as euro/inr below 80.30 to 80.11 and 79.70
Gbp/Inr May 2014: It needs to trade over 98.80 to target 99.40-100.15. There will be sellers only below 98.80 today to 98.58 and 98.30
Jpy/Inr May 2014: It needs to trade over 57.75 to prevent further sell off to 57.45 and 57.02.
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