Ofcourse a coupl eof bank trading desks have been waiting for this moment and have pushed a 48 target for Fiscal 2013, but the long term trust and focus built on a tirade of FII participation in the World’s “only” market growing at above 5% and showing having likely bottowmed out is serving Rupee traders sell as they bore the weight of a big down move thru the first half, hitting 57 as late as August.
The Rupee todyay officialy channeled into below 52 trades at the start of the October series, the spot rate likely near 51.70 and lower despite weak equities egging on a blind man’s channel up for the Dollar on the Rupee. The Commodities situation has also reached a peaked state and Oil lost to the bottoms in the traditional india month for Gold buying stabilising international lows on the currency
Copper is likely headed for the correction down and probably Natural Gas and Copper will both run down quickly and stiffly as Oil rifles up the cleaning bore and into more demand charts
The Rupee thus has again landed the 2009 international vortex from which inflation risks stay abated and CAD has already come down to $16.7 B for the period April – August.
- Afternoon Trading Update : Currency Report: Rupee strengthens another Rupee in a day (awardz.wordpress.com)
- Rupee rises to 5-month high of 52.28 against dollar (thehindu.com)
- ONGC Profit Rises 48% After Rupee Value of Oil Sales Increases – Bloomberg (bloomberg.com)
- Rupee sucks up the morning air (awardz.wordpress.com)