Now, the government wants to usher Foreign Direct Investment in the insurance and pension funds also. The opposition has not accepted such decisions quietly and after much controversy the government has agreed to conduct a vote in the parliament to check the support in favor of FDI. The binary traders think that the government will be able to prove majority in favor of FDI and therefore will be able to carry on the reform processes.
Gain of Rupee
As binary traders are optimistic about the reform process, Rupee has gained most against Dollar in two months. The main stock index also advanced by 0.4 percent. Though the recent data released by the government shows that the country’s economic growth rate in the quarter ending in September has been lower than anticipated the steps that the government is taking is encouragement enough for binary traders. Rupee closed at 54.8350/8450 against the dollar after staging a gain of 1.1 percent, biggest since 1st September 2012.
What Binary Traders think
Binary traders are largely optimistic about the situation. As the government has agreed to the demands of the opposition the winter session of the Parliament is likely to advance uninterrupted. However, traders think that the government will have no difficulty in going ahead with the reform process which is going to make the economic situation easier. Some traders also opine that Rupee is going to gain further against Dollar and will probably reach the value of 54.20 by the first quarter of 2013. International analysts are also hopeful about the Indian economy in 2013 and 2014.
With hopeful economic news from all over the world the global economy has probably started to rise up once again. The fear of the fiscal Cliff in US has largely been warded off, the Chinese and other Asian stocks are showing signs of recovery, Greece, the hardest hit country in Europe’s debt crisis has figured out a bailout plan. All these are quite reassuring for binary traders who have been going through the toughest times for quite some time now. The gain of Rupee against Dollar can be regarded as a sign of that recovery though it is too early to arrive at any definitive conclusion.