Kaushal Jaini of Dani Commodities tells CNBC-TV18 that the time is now ripe to play the rupee against the euro instead of the dollar. Go short on the euro, he says.
As for the commodity space, base metals are glinting bright and of that segment, Nickel is poised for good growth in the near term, he says. "Nickel might breach the 1003 levels in today's trade. So watch out for the metal with a target of 1025-1030," he advices. Below is the verbatim transcript. Also watch the accompanying video Q: The rupee has not shown too much volatility despite the ups and downs in the euro-dollar and the other currency pairs. Is there a strategy at all to play or should we be playing something else and not dollar rupee?
A: Last evening, the Fed announced that it is going to revise its GDP estimates on the lower side. You could see a stronger euro against the dollar. At current levels of 1.43, you could see the fall bottoming out in the euro versus the dollar. You could also see the dollar rising up to 1.45 again. So that is a better strategy. Rather than playing the rupee to the dollar, it is a better strategy to play the rupee to the euro. For the day, it could be better on a weaker note but on a broader picture, if I have to look it for more than a day, I would better play longs on the euro rather than longs on the dollar. Q: After assessing last one week
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