Indian rupee rally to extend until Oct 09 after making a intermediate bottom early Aug 09.

MUMBAI, Sep 06 (GoldTradingCalls.com) -  The Indian rupee after making an intermediate bottom on  5th Aug 09  continues to raise against the U.S. dollar for over a month now <Refer our previous article for a perfect call made earlier>
 The Indian rupee extended gains in afternoon trade on Friday, supported by a more than 1.7 percent rise in local shares but demand for dollars from oil importers weighed on the local unit.

Oil companies, the largest consumer of dollars in the local currency market, had stepped up their purchases, preventing the rupees from rising too much, dealers said.

Our updated Inhouse Quant Algorithm Forecast clearly shows that Indian rupee after making an intermediate bottom on Aug 5 ( see previous article) continues a multi-week rally  as can be seen in the chart, the BLUELINE Superimposed on price chart clearly shows the uptrend (weaker in terms of Dollar ) to continue for the coming 2 month until Oct 09. We expect a minor and brief respite in Indian rupee trend for the month of Sep 09 before it resumes in trend upwards.

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