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INR weak after fiscal deficit numbers – Insignia Consultants

FXStreet (Barcelona) - Analysts at Insignia Consultants note INR weakening after the release of the fiscal deficit data, and expect the weakness to persist for some more time.

Key Quotes

“India’s trade deficit for the month of October narrowed to $13.35 billion from $14.25 billion in September on lower oil imports. Trade deficit in October last year had stood at $10.5 billion. However, gold imports jumped to $4.17 billion from $1.09 billion a year ago. Silver imports were reported at $686 million.”

“There is lot of speculation that gold import curbs will be reimposed to manage fiscal deficit. India has once again increased crude oil imports from Iran. Higher crude oil import from Iran will also help in better fiscal management”

“USD/INR November 2014 (expiry on 26th November): Head and shoulder formation on the charts. USD/INR can rise to 62.02 and 62.32 as long as it trades over 61.71.”

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