Seems very unlikely. Reasons:
1. RBI just cut repo rate by 40 bps.
2. Trade tensions escalating between US-China, which makes people look for a safe-haven (usually gold and USD).
3. Covid-19 is still at large, so there's still time before markets go bullish and institutions go out to buy riskier assets selling their reserve dollars.
It would be interesting to see what happens on Tuesday (26th May) as Fauci announced that the US economy is ready to open. If people buy into it, there will be selling of dollar and buying of stocks.
yogi_sharma_elliottician
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@JohnSikes73, I only go with technicals, technicals show what's going on way before then fundamentals, in my perspective. Regards.
JohnSikes73
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@yogi_sharma_elliottician, Some people like to drive only watching side and rear mirrors. But...to each their own.
yogi_sharma_elliottician
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@JohnSikes73, you may be right, but fundamental analysis doesn't work for me. Also, banknifty important date is near, which might give reversals.