The call - On December 14, 2012, we generated a Sell call on the Pound Sterling-Indian Rupee (GBP-INR) pair. We initiated Sell at Rs8,777 (spot) level for a target of Rs8,330.
The report was released on January 22, 2013.
The call is reproduced below:
Fundamental report based call-Sell GBP-INR at the spot rate of Rs8,777 (January futures at Rs8,822). Target at Rs8,330. Time frame: six to nine months.
Today, ie, on January 28, 2013 we booked profit in the call at Rs8,486 (spot) level.
Profit: Our recommendation fetched us a profit of Rs29,100.
Movements in the pair after initiating the call: The GBP-INR pair hit a high of Rs89.76 level on December 21, 2012 after a brief period of consolidation. Since then, the pair is down nearly 5.75% as today it hits the cycle low at Rs84.59.
We decided to book profit after such a sharp downward move in a span of merely six weeks.
Click here to read report: Currency Special
