Brief of Mr. Singh speech:
- India estimate GDP has grown faster than ever before.
- He admitted that Govt failed to control Inflation as wished earlier.
- For Govt, India-U.S relation is a priority.
- He is confident that next PM will be from UPA coalition.
- Govt will continue to push the cause of reforms.
- Income of people increase faster than Inflation
- India growth momentum will revive.
Traders found no important cues in speech. We expect Traders may watch Inflation data on 13th and 14th Jan, as RBI may take action ahead for Interest rate. Today Rupee will be in the range of 62.05 -62.70.As India Dec Fiscal deficit declined, will maintain fiscal 2014 target to fall at 4.8% of GDP, earlier said by our FM P. Chidambaram. Rupee opened at 62.3550 against Thursday closing of 62.2675. Yesterday India Manufacturing PMI reading was lower to 50.75 than last month reading of 51.3, which failed to support Rupee in short term. However, Rupee gains against Dollar at 62.30 on account of selling pressure. During PMs Speech at 11 am rupee traded at 62.4250. Rupee got weak against Dollar and made a high of 62.46.