MECKLAI FINANCIAL SERVICES
Rupee climbs to near 7-month high of 93.69 against dollar
On Wednesday, the Indian rupee surged to a close seven-month peak of 93.69 against the US dollar, fueled by a dip in oil prices and a surge in foreign capital into Indian stocks. Although exporters are evaluating hedging options, their engagement is lackluster due to recent regulations. As Brent crude oil prices settle around $92 per barrel, experts forecast the rupee to oscillate within the bandwidth of 93.25 to 94.
Rupee jumps to 4-week high, ends at 95.16 to the dollar
The Indian rupee appreciated by twenty-one paise against the dollar on Monday, surprising traders with the sudden influx related to equity index movements. An early intervention by the Reserve Bank of India solidified the rupee's stronger position. Anticipated changes in MSCI rebalancing alongside raised stock weights are set to attract further capital inflows. Banks intensified their efforts to gather FCNR(B) deposits, reinforcing the RBI's stability.
We are unlikely to see a rate cut soon: Jamal Mecklai
People who have sterling exports could try to ride the market a little bit, says Mecklai.
Failure of BJP in state elections seems to have been taken as a positive: Jamal Mecklai
Nobody ever knows what is going to happen to any market, says Mecklai.
Jamal Mecklai on rupee, oil price and his reading of RBI meet outcome
FM and RBI are not friends, they have kicked the can down the road, says Mecklai
Rupee falling to 70 is not the end of the world: Jamal Mecklai
“God! It is 70. It is not that big a deal! RBI has got plenty of reserves.”
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Move towards the exit the longer and higher the market goes up: Jamal Mecklai
“The market is much smarter than anybody and one day it is going to turn. I do not know when”
India looking good on macro level: Jamal Mecklai of Mecklai Financial Services
GDP numbers are unlikely to be dramatically different than what people are talking about.
We need to acknowledge that there will be much more volatility: Jamal Mecklai, CEO, Mecklai Financial Services
It is time for RBI to allow people, let us say mutual funds and insurance companies and primary dealers to access the market, said Jamal Mecklai, CEO, Mecklai Financial Services.
This is not the time to take risks: Jamal Mecklai, Mecklai Financial Services
We in India will be perhaps a little better off even though you cannot hide from the global environment.
Chinese devaluation of yuan to have sentimental impact on rupee: Jamal Mecklai
China is signalling that they have got a problem and they are trying to fix it, so there is going to be some continuing nervousness, in my view.
EM currencies have been an easy hit, Argentina a trigger: Jamal Mecklai
Volatility was very low. So there is a sign that at some point, it is going to turn, some little trigger is needed.
AAP seems to be future of politics in India: Jamal Mecklai, Mecklai Financial Services
'Obviously, this rally is BJP-driven. But according to the sentiment, everybody is really excited about something new, finally.'
Current market optimism is just a knee-jerk reaction to exit polls: Jamal Mecklai
Jamal Mecklai says, market optimism is based on solely exit polls and nothing has happened in terms of structural change.
Current market optimism is a knee-jerk reaction to exit polls: Jamal Mecklai
"I do not think the rupee will strengthen dramatically, since for that to happen, you need structural change, which does not happen overnight," says Jamal Mecklai.
Rupee is not collapsing like it did sometime back: Jamal Mecklai
"Rupee is not collapsing like it did a few months ago and I do not think that is going to happen, but I think it is going to be volatile."
Structural changes needed to stem the rupee’s steep fall: Jamal Mecklai
'If the rupee falls and stops falling on its own without any sort of constraint, then money will come in,' says Jamal Mecklai
RBI needs to cut rates drastically to spur growth: Jamal Mecklai, Mecklai Financial Services
"There are lots of medium-term positives both in India and globally, but it is the immediate term that is the problem and frankly I do not know what anyone can do. "
Expect rupee to remain at worst level if government does nothing: Jamal Mecklai, Mecklai Financial Services
"I think the government needs to stand up, acknowledge that it is a crisis and conduct some real crisis management reforms."
Expect rupee to get weaker in near term: Jamal Mecklai, Mecklai Financial Services
I do not know what to say except that the rupee is weak and will get weaker, which seems very likely, says Jamal Mecklai, CEO, Mecklai Financial Services.
Rupee could weaken further on dollar rally: Jamal Mecklai, Mecklai Financial Services
Right now the minus is winning because sentiment is still negative. Govt should take some strong steps to improve sentiment, says Jamal Mecklai.
Expect rupee to remain in a range of 54.50-56/$: Jamal Mecklai, Mecklai Financial Services
The dollar has been strengthening and will continue to do so. It is a double-edged sword for India, says Jamal Mecklai.
Don’t see rupee strengthening anytime soon: Jamal Mecklai, Mecklai Financial Services
"Having a current account deficit, per se, is not a problem, but what that means is that the rupee, into the future, will be off-balance."
Rupee may weaken over next six months; expect RBI to cut rates by 25 bps: Jamal Mecklai
It would be great if Subbarao surprises & does a 50-point cut, but I do not think he will go for more than a 25 bps cut, said Jamal Mecklai.
Rupee should get stronger; intervention a good move: Jamal Mecklai, Mecklai Financial Services
Volatility is going to remain high. Range will be wide because if dollar is strong overseas, all of that will pass onto rupee, says Jamal Mecklai.
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