The sharp strength shown by Indian rupees on Friday, seem like final bottoming of our currency, irrespective of like of dead cat bounce. currency depreciation of this time heavily due to strengthen of US dollar against major currency, especially of against Euro making all time low and also India's own problem gave a byte of contribution toward it. but it may be inferred now that on both of the front, their seem to be light after long tunnel. while European leader agreed on consolation , which will certainly end with short to medium term revival in their currency, thus weakening of dollar, evaluate as strengthen of Indian rupees. and also, under the new finance ministry portfolio of manmohan singh., things look like more lucrative on domestic front. so certainly their is a hope emerging from both of the front. m expecting rupees range for this year to 56.00-49.50. it will great benefit for us as global commodities look like in long downside.
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