The Rupee is currently trading at 62.23 to a Dollar, the dollax is down by 0.67 which has a calming effect, but then it did not have much effect on the Argentinian Peso which has FX reserve issues and the currency dropped by 15 percent, do we see the same happening with the Philippine Peso , Thai Bhat and the Indonesia Rupiah? are we immune to the currency fluctuations? The vix too has risen substantially....wel lwe need to wait and see how our local currency market opens, and hope the contagion effect does not hit us hard where by we end up seeing the Rupee at 63 to 64 levels once again,the drop in Rupee brings back the IT and Pharma effect back in play as will the other defensive's when the market starts going south.
All in all we can expect a very volatile day at the market.
All in all we can expect a very volatile day at the market.