Lots has happened in the markets in the last few days.
Raghuram Rajan’s exit (being termed Rexit) from the central bank once his term finishes in September was major news from the Indian markets. As markets were already prepared for it somehow the impact didn’t last that long.
On the other hand Brexit will have an impact on India’s GDP growth. As per the Nomura report the GDP growth forecast for India has been lowered to 7.3% from 7.6%. Some experts quoted that the country is heading in the right direction and the long-term direction of the market is driven by fundamentals and not just by such events, and hence long term investors shouldn’t worry too much.
The Brexit news last week had the Australian dollar rally up and down with a range of .7200 and .7650 against the USD. The Brexit impact is far from from over yet and the uncertainty still prevails in the markets on what the next steps would be. We just have to wait and see what new policies come in and the decisions that will be made.
At 12.36 pm 30/06/16 AUD/USD trading at .7450 and AUD/INR at 50.28.
Priyanka Mehta is a Senior Foreign Exchange Dealer with Compass Global Markets which is one of the leading FX solutions provider to Individuals, Businesses, Importers, and Exporters in Australia.
For a professional and personalised service, please call Priyanka on 0421 699 620 or email at priyanka@compassmarkets.com
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