Indian Rupee in free fall? NRIs may get Rs19 for Dh1

This morning, Dh1 is fetching you Rs16.62, but forex experts believe the Indian Rupee will continue to fall against the dollar.

Experts put the Rupee touching a low 63 to a dollar in the fourth quarter 2014 but decline could be as low as 71.

 “Already the Indian has established its weakness by breaking its trend line support available on daily charts. Weakness may further get accelerated if INR closes above 62,” Mazhar Mohammad, Technical Research Strategist, Chartviewindia.in, wrote in Economic Times.

“Based on the weight of technical evidence with us, we expect the Rupee to continue its bear market and hit a new low of 71 to the US dollar," he added.

The recent appreciation in rupee from the lows of 68.80 registered on August 2013 is appearing like a fourth wave of one lower degree, Mohammad said, which should eventually pave the way for one more leg on the down side, which in idealistic conditions should take rupee below the levels of 68.80......More

By Parag Deulgaonkar at Emirates 24/7

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