Fundamental Analysis: Rupee : The rupee bounced back fro m its near two-week lo ws on Wednesday afternoon, as the dollar’s slide against major currencies supported the local currency but losses in share prevented further gains Bullish Dollar Index: The US Dollar Index is consolidating above support at 75; breakout would signal a decline to 74 *. Momentum holding below zero indicates a strong down-trend; the recent rise merely indicates consolidation. In the long term, the dollar is expected to test the 2008 low of 71. Recovery above 76.50 is unlikely, but would warn that the down-trend is ending. The weakening dollar continues to fuel rising crude oil and precious metal prices. Its supports seem near 75-75.20
(Dollar Index – 76.03) Neutral