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Indian market not dependent on individual events, says Edelweiss Financial

Updated : November 01, 2018 06:30:31 IST

After reports of Reserve Bank of India (RBI) governor Urjit Patel considering all options including resigning from his post following an unprecedented attack on the central bank’s functioning by union finance minister Arun Jaitley, Edelweiss Financial Services on Wednesday said Indian market is not dependent on individual events.

In an interview to CNBC-TV18, Rashesh Shah, chairman and chief executive officer, said market is driven on lot of speculation and we have to look at the underlying fundamentals.

According to him, India has good reserves and is strongly positioned to bolster the rupee.

Shah said the key event at the global level for emerging markets is going to be the US elections, "If the Democrats win, it will be good for emerging markets including India from currency point of view and if the Democrats lose, then the US dollar may get stronger and there could be more currency pressure for all emerging markets."
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