The unintended consequences of a centrally-planned world continue to peek through at the most unexpected of place, as moments ago the Indian Rupee just plunged to a new all time record low against the USD, with the USDINR rising over 60 for the first time, triggering stops and overriding any potential USD selling intervention that the RBI may have attempted just below the resistance level which took place 59.985 according to Reuters.
A snapshot of events in India currently via Bloomberg:
- Rupee drops 0.9% to 60.2250 per dollar; touches record 60.26.
- USD/INR one-month implied volatility falls 32 bps to 11.60%; level suggests there is 68% chance rupee will drop to 62.2976 per dollar in a month (see that story here)
- USD/INR risk reversal drops for third successive day, falling 17 bps to 1.80%; gauge of investor sentiment reached 2.23% last week, reflecting biggest pessimism on rupee in a year Continue reading “Yes Rupee @60”
A year ago in May 2012 JP Morgan made a loss on credit derivatives trading, which chief executive Jamie Dimon blamed on errors,sloppiness and bad judgement” and warned “could get worse”. Understanding JP Morgan Loss .
Here are some of the findings by The U.S. Senate Permanent Committee on Investigations, which launched an inquiry into the trading loss last fall, is looking into the how different divisions of the bank wound up on opposite sides of the same trade, said one of the people familiar with the matter. source Reuters Continue reading “Was JP Morgan Beting Against Itself In The ‘Whale’ Trade”
A day back, Where Oil companies announced a small hike of 50paisa liter on Diesel prices, Our Indian government, tried to balance it down by raising the supply of subsidized cooking gas to 9 cylinders/year on the older 6 cylinders/year. This could be a push to boost the Indian economy with business-friendly steps “BUT, is it really so?” This question came to me with the release of a statement made by our oil Minister M Veerappa Moily. He said “We have given some liberty to oil marketing companies to raise diesel prices in small dozes. They are authorized to make small price correction from time to time.” Continue reading “OH GOSH!! A Hike Again with “But””
The Greek puzzle is getting cozy each day . The G8 leaders backed Greece in euro zone as reported by Reuters. Putting any new remarks it looks like to wait and watch the scenario and action by the regulators, politicians.
Today I thought of sharing some old brokers terminologies and bit personal experience. As I quoted on FB Continue reading “Grexit and Brokers Terminologies”