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MUMBAI, Jan 21 (www.GoldTradingcalls.com) – The Indian rupee value continues to weaken aganist the USD from a Intermedaite low reached on new two-week lows on 12th Jan at USD INR at 45.09.
Exporters stepped up dollar sales around the psychological 46 per dollar mark while U.S. unit stayed steady at morning levels.
USD Euro hit a five-month low on the dollar,down by worries about Greece’s deteriorating finances, while the Australian dollar remained on the defensive after strong Chinese data raised the risk of tightening there.
Dealers said exporters had stepped up dollar sales around the 46 per dollar mark helping prevent further losses in the unit. However, stocks were being watched for cues on foreign fund flows.
On the local Indian stock excahnges BSE Sensex was down 423 points to close at 17051 in line with mostly lower Asian markets
We expect USD INR rate to weaken further in the days to come. The chart clearly shows the the USD INR on a Inter mediate rally spree which commenced on Jan 12th. We have over layed USD index on the charts and it clearly shows USD INR has a positive corelation and mimics USD.
So what does it fortell to our Indian Markets future course for the new few weeks ? Keep checking my other post on my site.
Click the url to find out the latest post on USD INR Trend forecast
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