USDINR may trade positive: Sushil Finance
Source: IRIS | 27 Aug, 2014, 10.05AM
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Rating: NAN / 5 stars. |
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Sushil Finance expects USDINR to trade positive as Fed may raise rates sooner and faster than expected and coal blocks cancellation could further add support. The Indian rupee rose on Tuesday, tracking gains in other Asian currencies, although broader gains were curbed by concerns about the wider economic impact after the country's top court ruled coal blocks awarded since 1993 were illegal. Any mass cancellation of the coal blocks could lead to a surge in imports and widen the trade deficit given the impact on domestic production. The court will decide on Sept. 1 whether to cancel the allocations. A basket of currencies traded against the greenback was up 0.12 percent after touching a fresh 2014 high of 82.698 and traded as low as 82.434. The dollar index was last at these levels nearly a year ago. Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
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