The bull run in Indian markets has influenced the currency trading. With SEBI's (Stock Exchange Board of India) decision to monitor the foriegn currency regulation into Indian markets has made Indian rupee fall a bit. Forex traders who were betting on strong rupee run and strong stock market run are hit with the announcement.
Forex traders, mostly from US and UK have been pumping their funds into Indian markets have taken a hit. Finance Ministry, SEBI and RBI's decision to monitor inflow by regulating P - notes, will check up money flow to the indian markets, thereby taking stock down by 1500 plus points in the first hour of stock trading. Same way rupee has behaved with starting at 39.88 per USD.
For USA and UK forex traders, I guess something good will be coming out in times to come.
Tuesday, October 16, 2007
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