VERY VERY POSITIVE DECISION FROM RBI
In order to arrest the declining value of the rupee, the Reserve Bank of India
today asked exporters to sell 50% of their retained foreign exchange
earning. The central bank has also fixed limit for intra-day trading of
foreign currency by banks.
"On a review of the scheme, it has been decided that 50% of the
balances in the Exchange Earners' Foreign Currency Account (EEFC)
accounts should be converted forthwith into rupee balances and credited
to the rupee accounts as per the directions of the account holder," RBI
said in a notification.
In respect of all future forex earnings, an exchange earner is
eligible to retain 50% (as against the previous limit of 100%) in
non-interest bearing EEFC accounts, it said. The balance 50% shall be
surrendered for conversion to rupee balances, it added.
As per the existing rules, an exporter is allowed to retain 100% of
their earning into foreign currency. EEFC is an account maintained in
foreign currency with a bank. It is a facility provided to the foreign
exchange earners, including exporters, to credit 100% of their foreign
exchange earnings to the account.
The account holders do not have to convert foreign exchange into
Rupees and vice versa, thereby minimising the transaction costs.
Following a series of actions by the central bank, the rupee today
recovered by a hefty 60 paise to 53.24 against the US dollar in early
trade from yesterday's close of 53.82.
"The move will definitely prop the rupee which is very visible today.
With this, the RBI is clearly indicating that it does not want to sell
the dollar to support the local unit but it prefers policy level
actions," India Forex Advisors chief executive Abhishek Goenka said.
The rupee trimmed some of its earlier gains against the dollar,
thought it remains well above the session lows after the RBI said it
would require exporters to convert 50 percent of their existing foreign
currency holdings into rupees.
Traders said they expected the USD/INR to trade in a 52-53.80 band in the near-term.
The rupee was changing hands at 53.22/23 to a dollar in recent trades as against 53.82/83 last close.
STOCK OPTIONS TRADING IS
HIGH RISK AND HIGHLY REWARDING
BUT
TO SUCCEED IN STOCK OPTIONS TRADING,
1) CAPITAL REQUIREMENT IS RS. 1 LAKH
2) KEEP 1 OR 2 WEEK POSITIONAL TO GAIN MAXIMUM.
3) NEVER BOOK LOSSES EXCEPT IN THE WEEK OF EXPIRY, IF STOCK GOES AGAINST YOUR TRADE HEDGE THE TRADE BUY BUYING EITHER CALL / PUT.
4) ALWAYS KEEP ONLY 2 OPEN POSITIONS.
5) USE ONLY 30,000 ON TWO TRADES AND KEEP 70,000/- FREE AMOUNT
FOLLOW THESE 5 ABOVE MENTIONED FOR 1 MONTH AND SEE THE RESULTS YOURSELF.
STOCK OPTIONS AND STOCK FUTURES RESULTS:
BUY GIVEN IN BAJAJ AUTO FUT AT 1520
ACHIEVED FIRST TARGET AT 1550
PROFIT RS. 3750/-
BUY GIVEN IN APOLLO TYRE FUT AT 84
ACHIEVED TARGETS AT 87
PROFIT RS. 12000/-
BUY GIVEN IN DLF 180 CALL @ 12
ACHIEVED SECOND TARGET AT 14
PROFIT RS. 2000/-
BTST:
BUY GIVEN IN IDEA 80 CALL AT 3.50
TARGET 4, 4.50, 5.50
PENDING....
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