- The yen weakened against the dollar, halting its biggest gain in three weeks, after Japan’s Economy Minister Akira Amari backed away from weekend comments that prompted the currency to rally.
- The pound slid to a six-week low against the dollar after a government report showed inflation slowed more than economists forecast, giving the central bank more room to boost stimulus that tends to weaken a currency.
- Dollar gains were capped before Wednesday's testimony from U.S. Federal Reserve Chairman Ben Bernanke.Speculation the U.S. central bank will trim its bond purchases sooner than expected has mounted given signs of an improvement in the U.S. labor market. Bernanke testifies to Congress at 10 a.m. EDT (1400 GMT) and his words will be combed for clues.
- The currency specialists say that the trend is positive for USD, infact INR is seen weakening further against all major currencies (like EURO, YEN). The pivot for trading stands at 55.35 and INR is expected to further weaken to Rs.55.62--55.80 ranges against the USD.
- Thus IT and Textile Companies are expected to benefit from this move. Most of the big IT companies and some mid--sized companies like Glodyne Tech Ltd (Rs.11.94), Hexaware Tech (Rs.77.55), Zenser Tech (Rs.244.75), etc, generate a good amount of revenues from the overseas market. I have already initiated a buy in Glodyne Tech Ltd now Hexaware Tech Ltd is also giving buy signals at the CMP, for a target of Rs.84.
Discrimination faced by Mumbaikars...
If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.
Thursday, May 23, 2013
Weakening of the INR against the USD might help the IT and Textile Companies
Note: This message was sent to the Paid Members yesterday night, i.e, on 22nd May, 2013. If anyone has played the currency he would have benefited.