RBI's aggressive presence has prevented rupee posting another all time low above 53 and was not good enough to guide a reversal into 51.50-51.00. It is not going to be easy to drive rupee up against weak EUR/USD and NIFTY. There is huge demand from NDF arbitrage as well.
Another issue is that FX woes are spreading to MM. Call money above 9% is matter of time. The risk is of trigger of additional LAF counter at 9.5% to push overnight MIBOR into double digit.
Strong bearish set up across currency; money and equity market.................cash is king.
Moses
Another issue is that FX woes are spreading to MM. Call money above 9% is matter of time. The risk is of trigger of additional LAF counter at 9.5% to push overnight MIBOR into double digit.
Strong bearish set up across currency; money and equity market.................cash is king.
Moses
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