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Abhishek Goenka

Founder & CEO , IFA Global

Currency Guide

 

Questions Answered

Q

guest: Trend for the month of March18 ?

Abhishek Goenka: I assume that you query is regarding USDINR. For the month of March 2018, USDINR pair is expected to trade on a bullish note as there are major central bank policies are about to take place and will be guiding towards normalizing the monetary policy. Further, domestic banking concern could weigh on foreign inflows. Summing up, the USDINR pair could move further higher towards 65.30-65.50 levels. On the lower side, supports can be seen near 64.80 and further at 64.60 levels.
Q

guest: What dollar rate on ten march

Abhishek Goenka: By end of this week, Dollar- Rupee is expected to trade on a sideways to positive note. The likely range would be 64.80-65.30.
Q

guest: Any possibility of dollar price coming down in a day or two?

Abhishek Goenka: In next two days, US trade war and news on Gary Cohn`s resignation, who is Donald Trump`s top economic adviser could weigh on dollar demand. Further, this Friday`s US non-farm payroll and hourly earning figures will keep dollar demand in check. By end of this week, USDINR pair is expected to remain volatile in the range of 64.80-65.30 zone.
Q

guest: Hi abishek What’s your prediction with rupee against dollar over near future? Thank you Arvind

Abhishek Goenka: Considering fed rate hike in an environment of trade war and revision in dot plot could continue to support dollar at lower levels. Further, domestic concerns over banking sector is currently making sentiment bearish for the foreign investors. Technically also USDINR pair is trading above weekly trendline and suggesting further upside till 65.30 levels. If pair crosses this levels convincingly in the medium term then 65.80-66.00 levels can be easily seen. Hence, bias for USDINR pair remains bullish.
Q

guest: how will usdinr perform today?

Abhishek Goenka: Rupee is trading almost flat against US dollar. Early in the morning it opened higher as resignation of President Donald Trump’s economic advisor Gary Cohn, a free trade advocate, weighed on the U.S. currency. But rupee is making losses right now as equity market is trading under pressure. Hence, weaker dollar and bearish equity is suggesting sideways move for the pair.
Q

guest: I have purchased jpyinr last month, what should i do

Abhishek Goenka: The JPYINR is under strong bullish trend and it is gained by almost 10% due to strengthening Yen and Weaker Rupee. In the near term, it is expected to move further higher as both the currencies are likely to continue its current trend. It is expected to test 0.6250 levels in the near term.
Q

guest: what do you have to say about gbpinr, will it rise?

Abhishek Goenka: In the near term, Because of Brexit transition deal talk, pound will remain under pressure. But due to future rate hike and strong fundamentals we can expect pound to move higher in the medium term. Hence, short term trend for GBPINR is sideways as GBP looks bearish and USDINR looks bullish. But in the medium term GBPINR will outperform and move higher above 91-91.50 levels.
Q

guest: can i buy aus now? regrds jeetu

Abhishek Goenka: In the near term, Australian dollar is expected to do well as gold prices and iron prices are well supported by weaker dollar. Technically too, weekly AUDUSD chart is suggesting bullish trend. In the near term, 0.7900-0.7980 levels can be easily expected. On the lower side, supports are located around 0.7710 levels.
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