I think the rupee will start to strengthen now, on within a couple of days. Price wise, the rupee may not weaken much. I created a short position in USDINR today.
Covered my short position with a gross MTM profit of Rs. 467.5 per lot USDINR. Now waiting for another opportunity to short the USDINR. Hopefully, may it make a tiny up move on Monday when I will decide to open a new short trade.
Now we have three concerns:
1st Amiricans rising economy putting pressure on emerging economies by the outflow of funds.
2nd China's growth rate problem which is a concern for commodities and equities.
3rd Japanese quantitative easing, (will post later in detail.)