This week was not at all in favor of USD, Dollar Index lost a good gain against all major developed currencies and continuously losing ( open 103.03, now at 101.47). Perceived fear for US economy, which is being supported by continuous weak data from US is pushing USD values down against others.
USDINR value is stalling in a range not on Rupee strength but weakness of Dollar, which is evident from its devaluation against other developed currencies.
JPY looks to gain further and at a good pace, as it is being supported by perceived positivity towards Japanese economy.
Rupee is holding till sentiments for USD turns positive, we are at a critical point, if USD positivity will be coupled with any negative sentiments for India then we may witness a sharp devaluation of Rupee.
Technical range is 77.30-77.90/78… our bias has changed now… recommend to remain safe against devaluation of rupee….
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