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Forex markets to revamp |
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By Amrit K Basu
The major hurdle in front of the local financial markets is over and done with. Now, it is time for business. And now the financial factors should take over the prices. It seems we would have a fairly lower opening in the USD/INR and in all probability touch yesterday’s low of 42.5700.
Let us not forget that the main support level of 42.6000 has not been convincingly breached. But it is also is a fact that the tops for last few days have been lower and lower. It means that the pair could really go much lower, before a new range is established. Lower Oil adds to this view. And the same is the case in forwards, where we might see the support level of 150-160 again before possibly going up again.
The next driver is the central bank’s July policy.
Amrit K Basu is the Head Treasury Products of proFX consulting & allied services, a Treasury Risk Management consultancy outfit. Amrit is also engaged in offering advisory to software companies as well as in placements in the treasury domain. He can be reached at http://amritbasu@profxconsulting.in
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