Narendra Modi Mission Shakti announcement impact: Rupee strengthens against US dollar on PM's address to nation - All details here

Investors across the world have turned quite optimistic about the Indian rupee. This has happened especially after Prime Minister Narendra Modi in his address to the nation, made a massive announcements about shooting down a live satellite in the sky. Indian rupee which opened above 69-mark against US dollar benchmark index at interbank forex market today, was now performing better. According to Investing.com, the domestic currency was trading at 68.886 up by 0.137 points or 0.19% against dollar. It has even touched an intraday high of 68.853 on the index. In previous trading session, rupee finished at 69.438-levels. 

Addressing the nation, Modi said that India has shot down a low earth orbit live satellite, becoming the fourth nation in the world to now have the capability to do so. 

While congratulating Indian citizens for this achievement, Modi said, “In the journey of every nation there are moments that bring utmost pride and have a historic impact on generations to come. 

One such moment is today.

India has successfully tested the Anti-Satellite (ASAT) Missile. Congratulations to everyone on the success of #MissionShakti.”

Talking about the mission, Modi said, it was highly  complex one, conducted at extremely high speed with remarkable precision. It shows the remarkable dexterity of India’s outstanding scientists and the success of our space programme.

Explaining why the mission is very special, Modi highlighted two pointers. 

Firstly, India is only the 4th country to acquire such a specialised & modern capability. Secondly,  Entire effort is indigenous. 

Modi says, “India stands tall as a space power! It will make India stronger, even more secure and will further peace and harmony.”

Watch the full telecast of PM Modi here:

#LIVE | #PMNarendraModi का राष्ट्र के नाम संबोधन। https://t.co/FkpOnbo6r7

— Zee Business (@ZeeBusiness) March 27, 2019

Talking about rupee, Anindya Banerjee analysts at Kotak Securities said, “Rupee, at this point, is one of the few currencies which is holding promise to stand in front of this Dollar resilience. Rupee is enjoying the long India tactical play, ahead of elections, betting on a return of NDA. However, RBI is standing like a wall. They are happy to lap up billions of dollars every week but not allow Rupee strengthen beyond 68.50 on spot.”

Banerjee states that, “We would change our approach from selling USDINR on momentum to fade a spike towards 69.20/40 region on spot and then cover those shorts below 69.00, between 68.75/85 region. The range could get narrow.”