May 19, 2023
The short lived Rs 2000 note gets kind of demonetised. R.I.P.
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The short lived Rs 2000 note gets kind of demonetised. R.I.P.
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No More Printing of Rs2000 Notes For Now
No More Printing of Rs2000 Notes For Now
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No more printing of 2000 rs notes for now as per the government: Sufficient money in circulation
2000 rs…
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USDINR - Bullish Indian rupee
In a surprise move on November 8, Narendra Modi, India's prime minister, announced that 500 and 1,000 rupee notes would be scrapped. The Indian government's demonetisation decision was touted as an attempt to end corruption and undeclared money, but its haphazard execution has divided public opinion. The country saw a dramatic drop of currency in circulation.
So to begin with from a fundamental perspective there is a lot less currency in circulation and a shortage of supply is usually bullish. We will first use Elliott Wave to convey why we are bullish on the Indian Rupee. We start of with the monthly chart below.
From a classical chart standpoint we see almost the perfect double top. From an Elliott wave standpoint we saw the completion of Wave C in August of 2013 and it has been a slow and frustrating grind with how the corrective wave lower has morphed forming a flat like pattern.
We expect the Indian rupee to strengthen or with respect to USDINR move lower to a minimum target of 58-58.3. We also find support zones below that level at 56 and 53.5-54.
The chart above just displays my interpretation on the elliott wave chart on the daily chart above and how the move lower is developing, fairly slow and in a rather complex manner.
Finally we compare USDINR versus the nominal effective exchange rate of the the Indian Rupee and we see a divergence most probably because of US dollar strength.
We believe this divergence will soon resolve itself to the downside.
500 and 1000 Notes Demonetised: Why the Move Is Unlikely to Push Digital Payments
500 and 1000 Notes Demonetised: Why the Move Is Unlikely to Push Digital Payments
On Tuesday evening, Prime Minister Narendra Modi made a sudden declaration where he expressed that the Rs. 500 and Rs. 1,000 notes available for use are being ended as lawful delicate. It is news that has surprised numerous, and quickly fuelled hypothesis that this will push individuals towards more advanced exchanges, with individuals wanting to utilize virtual wallets, and other computerized…
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India@Demonetisation
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