Currency update…..Umesh Shanmugam

USD-INR loses confidence in the market as discussed earlier..

Todays break above 55 shows that it is extending without a dip and subdividing higher. A series of i-ii-i-ii-i-ii markings are the only alternate and a larger wave II correction seems ruled out. This pattern may continue all the way till the target of 60 with small halts only..(CHART ATTACHED for market players)

Can expect rupee-usd to touch 60 in short term….this can be a disaster for the Indian economy.

-Umesh Shanmugam(purely my view)