The charts of the USD INR pair signal that once the 60.80 level is crossed, rapid depreciation in the rupee can be expected. We expect the rupee to move towards 62 over the next few days. The charts of crude oil and those of the US dollar index indicate this possibility. Crude oil, in dollar terms, has given a fresh bullish breakout and further rise in oil prices, to the tune to 5% to 8 %, can be expected. This is clearly not good for the rupee. Also, the US dollar index has strengthened and crossed the important resistance at 84.5.
Posted on: Sat, 06 Jul 2013 13:17:02 +0000
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