The Rupee has come off the highs of it had reached 67-68 it had touched against USD and presently stable at 60. The RBI would be comfortable to keep Rupee at the present levels, but it may strengthen to 58-57 in the short term. The following daily chart shows how the levels of 68 was achieved during Sept 2013 with a negative divergence in the TTO. Ever since, the daily trend continues to languish below the weekly trend.
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| USD-INR Daily |
The following weekly indicate that the correction may not be over yet and one more down move may be pending which can take Rupee to 57-58 levels. Further, The chart does not show any divergence for the impending reversal.
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| USD -INR Weekly |
The following long term and monthly chart the continuous long term bullishness of USD vs INR. Post the correction, INR is likely to weaken and move towards an immediate target of 68-70. The crossing of the dotted line above the zero line will be the first indication of the next leg of the upmove.
Tech companies may have a good time ahead !!
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| USD-INR Monthly |
