35547.33 260.59 (0.74%)
10772.05 61.60 (0.58%)

Chat Transcript

Abhishek Goenka

Founder & CEO , IFA Global

Currency Guide


Questions Answered


guest: Any chance to increese dollar rate

Abhishek Goenka: In today`s session, USDINR is expected to remain near 64.50 levels as risk on rally led Indian equity market to rally more than 400 points. However, in short to medium term we can expect some bounce back above 65.00-65.20 levels if USDINR pair holds 64.40-64.50 convincingly.

guest: Sir I am my curruncy exchage what he ask provid curruncy conversion code Please helf me I urgent this code porne please sir

Abhishek Goenka: Can you just elaborate you question? It would be easy to give our view. Thanks

guest: what is the rupee-us dollar range for November 2017?

Abhishek Goenka: Looking at current development, USDINR pair is at make or break situation. If it holds 64.40-64.50 then rebound can be expected above 65.00 levels(considering 1 rate hike, hawkish upcoming fed chair and tax reforms in US). In another case, if risk on rally continues with domestic market and FII remain bullish on emerging market then further inflows can be expected in domestic markets. And USDINR pair can be seen breaching 64.50-64.30 levels. In this month USDINR range would be 64.20-65.20

guest: Do u see any correction in the market in the coming months? If so any time frame?

Abhishek Goenka: Assuming question is regarding stock market and specifically domstic markets. After sideways move of 9700-10200, finally Nifty has given a breakout on the upside and now heading towards 10600 resistance levels. Considering strong domestic fundamentals (improving domestic business condition, FII inflows and political stability) and technical development, market is likely to remain under bullish mode in short and medium term.

guest: Where do u see usd / inr in 6 months ?

Abhishek Goenka: With a 6 months perspective, we need to consider domestic as well as global factors. hawkish fed and Trump`s tax reform plan could support dollar at lower levels. On the another side, domestic market condition and scenarios seems stronger in emerging markets. Hence, USDINR is likely to remain in tight range of 64.00-66.00 in next 6 months.

guest: GBP retain its position????

Abhishek Goenka: GBP is likely to remain bullish against US dollar as BoE is expected to do rate hike in upcoming meet. In the short term, view remains bullish GBPUSD can be seen taking support near 1.3070

guest: where do you see the Chinese Yuan taking support, thanks ritesh

Abhishek Goenka: In the short term, Chinese yaun is likely to remain positive against US dollar on recovery in Chinese growth. Hence, USDCNY is likely to remain bearish upto 6.57-6.54 levels.

guest: what is your view on the dollar index?

Abhishek Goenka: dollar index is expected to trade on bullish mode on recent technical and fundamental development. It can be seen moving towards 96.00 levels.
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