S&P BSE SENSEX
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Chat Transcript

Abhishek Goenka

Founder & CEO , IFA Global

Currency Guide

 

Questions Answered

Q

guest: is any method to trade in currency for long-term

Abhishek Goenka: Tradings can be done through various exchange platform. Or else you can trade in liquid future contact and roll it over.
Q

guest: usdinr outlook for tomorrow

Abhishek Goenka: Bias for UDSINR pair likely to remain flat to negative as RBI looks set to keep its policy rate on hold after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.
Q

guest: will rupee decline this month

Abhishek Goenka: Seasonality chart suggests that December month has been mixed for rupee. However, any changes in growth or inflation forecast in RBI meet or any drastic changes in Gujarat election could affect rupee value. Considering current fundamentals and development, rupee is likely to remain positive against US dollar.
Q

guest: should i buy eur, thanks

Abhishek Goenka: In the short term, EURUSD can be seen trading in the sideways with potential range of 1.1780-1.1930. However,medium term bias remains up as fundamental data are strong and one can expect political uncertainty cooling off very soon, which will support euro at lower levels.
Q

guest: i want to invest in jpy, is this the right time

Abhishek Goenka: If geopolitical tension arise between US and North Korea then safe haven demand for yen can increase substantially. Over the last 1 year, we have seen so much tension and uncertainties , but demand for yen has not much increased against US dollar. Hence, one should not remain so much bullish on Yen.
Q

guest: what is your outlook on GBP

Abhishek Goenka: Uncertainty over the Brexit and talk between UK and EU is affecting the pair. However, stronger data and weaker US dollar could support the pound at every lower levels. Hence, short and medium term bias remains bullish.
Q

cateyes_sk: Is Market expected to fall again tomorrow

Abhishek Goenka: Assuming that your query is regarding our domestic markets. We have seen more than 300 fall in Nifty in last 5 trading sessions. Some relief rally or pullback can be seen before tomorrow`s RBI interest rate decision. But traders or participants are advised to remain cautious ahead of decision.
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