BERLIN The euro is not overvalued at the moment if long-term trends are taken into account, German Chancellor Angela Merkel's spokesman said on Wednesday, adding that long-term competitiveness could not be achieved via exchange rates.
"If you look at the historic context, the German government is of the view that the euro is not overvalued at the moment," Steffen Seibert told a regular government news conference.
The euro firmed to $1.3535 from around $1.3506 after Seibert's comment.
French President Francois Hollande said on Tuesday that the euro zone should agree on a "medium-term" exchange rate for the euro and act on global markets to protect its interests. (Reporting by Madeline Chambers and Gareth Jones)
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It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article