43.50 level crucial support for Re to $: StanChart Bk
Published on Wed, Jul 02, 2008 at 13:41 | Source : CNBC-TV18
Updated at Wed, Jul 02, 2008 at 14:55
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43.50 level crucial support for Re to $: StanChart Bk
Agam Gupta, Head of Forex at Standard Chartered Bank believes that 43.50 is going to be a crucial support because it tested that level yesterday and came off from there.
Agam Gupta, Head of Forex at Standard Chartered Bank believes that Rs 43.50 to dollar is going to be a crucial support because it tested that level yesterday and came off from there.
Excerpts from CNBC-TV18's exclusive interview with Agam Gupta:
Q: What will a forex trader will now watch out for? Are Rs 43.40 - 43.50 to dollar likely to be any support levels or do you think its nebulous here and Rs 44 to dollar looks easy?
A: Rs 43.50 to a dollar is going to be a crucial support because it tested that level yesterday and we came off from there.The Reserve Bank of India (RBI) has been selling dollar all the way up from Rs 43 to 43.50 and has been in the market today also around Rs 43.35 (to a dollar). So, Rs 43.50 to dollar, is the crucial level.
Q: What may have accounted for shifting of the level from Rs 43 - 42.96 to dollar? What RBI supporting now, Rs 43.50 to dollar and thereabouts?
A: It's just a fact that there was more demand than they would have anticipated and they didn't just want to.
Q: If you have to advice an importer or an exporter for position two-three months down the line. Would you say Rs 44 to dollar is given?
