Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Is it Play in Forex from R.B.I?

42 sec read

14th May,2008,Market Calls
Author – Rajandran


 

Is it a play from R.B.I in Forex to decrease inflation figures

Resuming its slide against the dollar, the rupee plunged to its more than one-year low of 42.64as the heavy demand for the U.S. currency in view of high oil prices continued modest its short supply.

LTP : 1 Dollar = 42.57 INR ( LTP – Last Traded Price

RBI Governers Speech on 9th May 2008
Meanwhile, the Reserve Bank of India Governor Dr Y. V. Reddy said the situation is reflective of the “global uncertainties”. The rupee’s weakness is contrary to the apex bank’s expectations of its strengthening.

The RBI has hiked cash reserve ratio to 8.25 per cent, though it is yet to come into effect fully, to tighten money supply.

A tighter money supply should have triggered the rupee to move in the opposite direction, a dealer with a private bank said.

Conclusion
Rise in ruppee is strongly motivating I.T and Steel Sector as steel and I.T stocks surged today. So Stay stuned to I.T Stock for short term. I.T sector remains my next big bet in the Stock Market

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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