Indian rupee in a bull market: Is it for real?
The Indian rupee has been on a tear lately, going from 44 in mid-February to 44.7 in early March, and then a huge move to 43 & below over the past 3 weeks. The key question - is this just a year-end quirk, or a significant bullish move in the dollar:rupee rate?
Orpheus Capitals, in their latest missive - Mountaineering and the Currency Climb - talk about the bullish call they made in December 2006, and argue that this is for real:
Mountaineering we feel is also an inspiration for financial news. The only time an asset catches attention is when it is at the top of a mountain. Like for example the 7 year top the Rupee crossed recently.
. . . it did not make sense betting on the national currency as it moved sideways started July 2003 or when it started the final ascent in Jun 2006. Dear newsreader, the news is late yet again, this time it took the news 9 months to arrive and tell you that the asset crossed the 7 year summit.
Any bets on 40? 45?
Related Posts: