Indian exports and outsourcing sector collapsing as Rupee soars to nine-year high against dollar
Harish Baliga
Apr. 23, 2007

It is time to short the India Inc. Sell the Indian especially the IT, exports and IT oriented stocks as soon as possible. The strong Rupee does not make any sense to import anything from India. The prices in India are high and quality equally low.

According to media release, the rupee today rallied sharply to soar to nine-year high against the US currency at 41.57/58 level in morning deals as traders resorted to short sales in dollar ahead of the Reserve Bank of India's (RBI) annual monetary policy tomorrow.

The traders'' focus seemed to be on the the central bank, which is expected to concentrate on monetary tightening in the light of higher inflation. In active trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed stronger at 41.64/66 per dollar from Friday's close of 41.76/77 and later jumped to a nine-year high of 41.57 in late morning deals.

With sustained inflation pressure, the RBI is unlikely to intervene to check the rupee's surge, forex dealers said, adding "the monetary tightening will be favorable for rupee".

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