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INR: A reprieve from the budget - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Irene Cheung, Senior FX Strategist at ANZ, suggests that the Indian government has retained the budget deficit target for FY16/17 at 3.5% of GDP, against market fears of fiscal slippage.

    Key Quotes

    “Our economists now see a good chance of a 25bp cut by the RBI, possibly after the February inflation prints on 14 March.

    Market reaction has been mixed – more positive for the bond market than the stock market. At any rate, this will provide a reprieve to the INR.

    That said, the long-term up-channel in USD/INR will likely remain intact, with support coming in at around 67.0-67.5. We see scope for INR to gain ground in the coming weeks.”
    For more information, read our latest forex news.
     

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