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Forex Flash: Positive signals for USD/INR – ANZ

By FXstreet.com,  January 02, 2013, 04:33:00 AM EDT

FXstreet.com (Barcelona) - India posted a record current account deficit of USD22.3bn in the July-September quarter. Latest trade numbers suggest that the deficit could have remained large in the October-December quarter.

"That being said, the global environment in 2013 could be more conducive for India to attract capital to fund the deficit. With the US will most likely pass a bill to avert the fiscal cliff, potential monetary easing by the RBI will also be positive for capital inflows." writes Irene Cheung, an FX Strategist at ANZ.

In addition, "we see the government continuing to pursue economic reforms, which will be positive for the INR. We recommend selling 3m USD/INR NDF, at 55.24 (spot reference 54.69), targeting 52.2 with stop loss at 57.0." Cheung adds.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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