Afternoon Trading Update : Currency Report: Rupee strengthens another Rupee in a day

In this week two strong moves have taken the Rupee from 55+ to 54 and now barely 53 in the September futures with two hours left for the day to close on the trading. The Euro is ready for the Spanish bailout announcement next week and may not fall much from 1.28 levels while the Oil ticker still has not started rising to spil the rupee move. That means the Rupee will stay strong in the first half of next week. In terms of levels, at this momenet one still expects a bite back from 52.50 levels back to new stable levels before the festive mania on the Indian economy rides out its year end levels as the outgoing UPA signs off on all reform tickets.

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