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MUMBAI, June 5 – The Indian rupee edged higher on Friday after three successive days of falls, supported by higher local shares and as the dollar again faltered versus major currencies.
A fresh fall of the dollar against its major rivals also helped the rupee recovery. In quiet trade at the Interbank Foreign Exchange (Forex) market, the local currency moved in a narrow range of 47.20 and 47.01 per dollar before ending the day at 47.11/12.
India rupee remained on strong ground because of growing optimism about heavy capital inflows after hints of faster reforms by the new government.
As per the chart below we have updated the chart to reflect the current price and one can see the INR to end stong to around 45 by July end. Our inhouse Blue line Forecoast line super imposed on the daily chart clearly mimics the actual INR price chart.
For readers more inclinded to Elliott wave, we clearly see INR forming a Flat correction, with Wave A & B over and Wave C unfolding.
Hey, great post, really well written. You should post more about this. I’ll certainly be subscribing.
Hey, nice post, really well written. You should post more about this.
hi, really excellent analysis. and expecting more like this every week.
thanks for team.
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