Why the rupee rose? 1)Inside information regarding the food security bill and Land Acquisition bill gathered. 2)Heavy longs got placed on USD against the Rupee near 58. 3)Rupee started falling due to the incessant dollar demand 4)Skepticism started running high on the indian economy. 5)Food bill finally tabled along with Land Acquisition Bill 6)Insiders who bought at 58-60, exited with a cool profit of 15-20% in a matter of weeks. (profit is huge considering there is a leverage of 15 times on USDINR.) 7)Retail participants started justifying going long on dollar and other currencies against the rupee due to the toll of FSB and LAB on fiscal deficit and some exotic targets for the same but the game has already ended and they are left with Dollars.
Posted on: Fri, 30 Aug 2013 11:03:40 +0000
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