During last fifteen days we have seen continues reduction in USD from 71.17 Rs / Usd to 69.10 Rs / Usd, approx 3% correction. In these period there was no change in Import / Export of India as well as there is no such international event which may affect Usd. Further Crude price in international market also went up.
The main reason for correction of USD is inflow of FII in India due to election in next month, the same we can also seen from NSE there is net buying by FII since last week.
#USD View : We are expecting further correction of 0.50 Rs / Usd and it might touch bottom of 68 Rs / Usd in coming 5 to 10 days. After election it may further go up to 70.50 / RS / Usd.
CA Hiren Kotak