 "Commodities")
Dollar index is flirting with its weekly resistance area of 95.10. This week DXY got boost from US Fed chairman stating that US economy is robust and inflation is under control. He expects rate hike to continue which immediately started rally in DXY and sell off in Gold and Silver. We expect Indian rupee to depreciate against strong dollar in near term and test the levels of 69-69.20 in future contract. Any appreciation in rupee may only come if USDINR Fut can sustain below 68.50.
Weakness in precious metal prices is not over yet, but prices are close to the bottom.
