Strengthening Oil prices and Indian central bank RBI's need to meet government's political demand on the election year further weakens INR.
As 2019 USD-INR has popped above 70 now trading at 71.25 and may decline further in short future.
As Commerzbank quotes “There are uncertainties on how this will turn out. There are already signs that RBI is more willing to support the government’s initiatives. There were reports earlier this year that RBI will transfer an interim dividend of USD4.3-5.8bn to the government by March.”
These uncertainties force to take long position on USD/INR.
Happy Trading Folks :)
As 2019 USD-INR has popped above 70 now trading at 71.25 and may decline further in short future.
As Commerzbank quotes “There are uncertainties on how this will turn out. There are already signs that RBI is more willing to support the government’s initiatives. There were reports earlier this year that RBI will transfer an interim dividend of USD4.3-5.8bn to the government by March.”
These uncertainties force to take long position on USD/INR.
Happy Trading Folks :)
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