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Rupee likely to appreciate again |
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By Amrit K Basu
The support at 42.6000 gave way very convincingly. So much so that, we almost touched the 42 mark, towards the close. With the stock market giving a thumbs up to the trust vote and Oil falling still (analysts are now talking of $100!), there is room for further appreciation in the Indian Rupee.
While 42.0000 may provide some support, it is always good to befriend the trend and look for lower levels in the pair. Whether we are seeing reversals in all markets, it remains to be seen. But till such time, would sell the rallies.
In the forwards, levels seen at the close were 162-164.I feel we might see a minor dip to about 150-155 and that’s about all, as interest rates remain firm.
Amrit K Basu is the Head Treasury Products of proFX consulting & allied services, a Treasury Risk Management consultancy outfit. Amrit is also engaged in offering advisory to software companies as well as in placements in the treasury domain. He can be reached at amritbasu@profxconsulting.in
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