Buy Indian currency, says HSBC


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balaq8   
Member since: Jul 05
Posts: 111
Location:

Post ID: #PID Posted on: 12-03-07 05:09:48

Read this>
http://economictimes.indiatimes.com/Markets/Forex/Buy_Indian_currency_says_HSBC_/articleshow/msid-1751913,curpg-1.cms


MUMBAI: HSBC has recommended to buy the Indian rupee as a jump in foreign direct investment (FDI) in recent months has calmed concerns of funding the country's widening trade deficit. The rupee could rise to 43 per dollar by the end of 2007, a level it hasn't tested since late-July 2005, the London-based investment bank said in a note to clients on Friday.

The rupee was trading at 44.24 to the dollar on Monday.

India's current account deficit of about $7 billion in July-September was offset by inflows of $9 billion, mainly from FDI and remittances by non-resident Indians.

FDI inflows are expected at a record $12 billion in the current fiscal year ending on March 31, against $5.7 billion a year earlier.

HSBC said India's central bank, which often intervenes to rein in the rupee to ensure exports are not hurt by a stronger currency, may be forced to let the unit gain.

"It is difficult for a central bank to resist currency strength and also face an overwhelming case for tighter monetary policy," it said.

India's foreign exchange reserves climbed to a record $195 billion on March 2, up $14.6 billion from a month earlier, helped largely by suspected central bank purchases of dollars to cool the rupee.
The intervention, which involves selling rupees, has partly contributed to a spike in annual inflation to above 6 percent against a central bank target of 5-5.5 percent by end-March.

HSBC also said the rupee was not vulnerable to equity outflows as a recent stock market correction showed.

"Indian rupee is not as highly leveraged to the equity market as the consensus believes. During the recent period, the rupee depreciated by just 1.1 per cent and emerged again as one of the best performing emerging market currencies," it said.


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Bala


dhshpatel   
Member since: Apr 05
Posts: 57
Location:

Post ID: #PID Posted on: 13-03-07 19:12:18

http://www.exchange-rates.org/history/INR/USD/G/180

just look at the last 180 days trend



scorpio5   
Member since: Oct 04
Posts: 32
Location:

Post ID: #PID Posted on: 14-03-07 01:55:18

You really scared me, because I have my money in Canadian dollar.
Now I think, I should transfer my half money to INDIA.

What do you think my friend, is that good idea???



balaq8   
Member since: Jul 05
Posts: 111
Location:

Post ID: #PID Posted on: 14-03-07 05:35:38


I t is safe to transfer into Indian Rupees at least 30% of your savings.
I did it already.


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Bala


JRF   
Member since: Jul 04
Posts: 1853
Location: GTA, Ontario

Post ID: #PID Posted on: 14-03-07 07:44:42

It appears safe to keep our savings in India to see the appreciation.


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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM


dhshpatel   
Member since: Apr 05
Posts: 57
Location:

Post ID: #PID Posted on: 21-03-07 12:19:38

on 20th march 2007 USD = 43.53 INR.....



almost 50 paisa in one day..............



Trinity   
Member since: May 06
Posts: 286
Location: Mississauga/ Toronto, Can

Post ID: #PID Posted on: 21-03-07 12:26:00

I understand you can use the services of ICICI bank and the like to transfer money to India (from Canada, USA).

Is there any way to transfer money from India to Canada?

Trinity



Contributors: dhshpatel(4) Trinity(3) balaq8(2) JRF(2) Garvo Gujarati(1) Val(1) scorpio5(1)



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