The indian Rupee has crossed 53 today in spot trading and may likely traverse a further limited range down before initiating recovery. That may well be timed with the so call mid Cap rally in IT as the future strength of the Rupee overshadows IT sector results in Q2 a key contributor to the growing confidenc ein Q2 earning reports
Bajajj Auto exports in Phils and Sri Lanka ar ebeing followed by new markets ith Kawasaki, while Domestic market sales are saturated inthe current climes, making it however more positive for Bajaj Auto vis a vis Hero motocorp
Indian Bonds will also continue to inch up in the coming fortnight and month as the availability of liquidity in excess of INR 50kCrores of $ 9B ( more like $14-$15 B ) and urther CRR cuts likely. Both factors should let th eRupee climb out of its downclip before it hits the 54 mark as the Crude rally also look ssuspect and Gold continues at its lowest levels for the year per the norm Thus anyone buying Dollars may be in a hurry to close the deal ath this week’s levels triggering the comeback.