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Yuan: The strong Yuan has set stage for Indian rupee to recover from 72.60 to sub 72. Chinese Yuan is trading at 7.14 from 7.18 on news that US-China will resume trade talks. This positive reaction along with positive lift from global equity market has propelled rupee to trade sub 72. We believe strength in rupee may be short-lived as there aren’t any positive factors for our rupee. Any positive announcement from government regarding Auto GST may help rupee trade below 71.80 but if there aren’t any fruitful announcements, expect rupee to test levels of 73.30.
Gold and Silver: Gold continues
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