Dollar seems to be eating the dust these days!

Well at least it is official at last, almost all the currencies are leaving the Dollar eating their dust, even the Yen is becoming resurgent to the Dollar much to the chagrin of the central bank of Japan, even if they wanted to fiddle the forex market which is what they always do to keep the Yen down, but this time around the sentiment of the whole market is against that.
Today saw the Indian Rupee end a losing streak against the Dollar and surge ahead to cap all the losses it had made in the last few days. With the Bull market showing no signs of slowing down and a very strong resurgent economy, this is to be expected. But on a cautious note to all the forex dealers out there, keep in mind that the Indian Rupee is not yet a free flowing currency, that is, it has not yet become Fully Convertible and in such scenarios, the Reserve bank of India is a whole lot more protective towards the Indian rupee and they will ensure that it swings either way within a very narrow margin.
But it is this very margin, that is the 1$ to 39 INR range that is giving much excitement and joy to the forex dealers world wide. One can even say that no other currency is showing so much volatility within such narrow ranges and people are just making bundles on mere movements of just 10 paisa on either side. It is like a Forex market within a Forex market, with only 2 players, the Indian rupee and the U.S Dollar. What goes up comes down in the afternoon and by the evening, the strong economic data of the day boosts the Indian rupee all over again. So people get to make money not just once or twice but three times a day. It is no wonder that nearly all the forex dealers that I met today have a big smile on their faces and they just cant seem to stop talking about the Indian Rupee and the falling Dollar!

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