Raghuram Rajan RBI governor in India is now to be succeeded by Urjit Patel from September 2016. We have had tamed inflation and a slowdown in rupee decline while Raghuram Rajan was in tenure. We would expect a similar kind of pressure and expectations from Urjit Patel as well.
Urjit have some very strong credentials and experience behind him and although the markets seems to be giving a thumbs up to his appointment at present we would still see some uncertainty for a few months.
Looking at the Australian markets now we have the Australian dollar trading well over .7600 against the USD. With chances of a feds rate hike off the table for few months and RBA not indicating a further rate cut soon I think that the Australian dollar is sitting strong against the greenback.
This might be a good level for importers to look at some hedging options and exporters to take some cover.
On 23 August at 11.13 pm AUD/USD is sitting around .7644 and AUD/INR is trading around 51.28.
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