Technical Market Commentary - Sept 3

03 September 2009 @ 04:38 am EDT

Rupee : Rupee reached our exact target of 49.20 levels and corrected lower. We would favour going longs around 48.75 levels (importers cover). Despite up move in stock markets rupee is still showing bearish moves which indicates bearishness in rupee. Moroever slight strength in dollar across pushes rupee down severely. We maintain further bearishness in rupee in medium term. Only and Only if we get support from dollar strength and bearish momentum in stocks ,commodities and dollar index we could see rupee at 50 levels soon. Bearish (USD/INR : 48.86)

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