Mountaineering and the Currency…

Hemingway said, “There are only three sports – bullfighting, motor racing, and mountaineering”. Mountaineering we feel is also an inspiration for financial news. The only time an asset catches attention is when it is at the top of a mountain. Like for example the 7 year top the Rupee crossed recently.
“The Indian rupee climbed to its highest in more than seven years on Wednesday, coming close to 43 against the dollar before suspected central bank intervention halted the rise”, traders said. The rupee ended at 43.04/06 per dollar, off an intraday high of 43.01 — its strongest level since November 1999, according to Reuters data. It had closed at 43.29/30 on Monday. The Reserve Bank of India (RBI) has regularly sold rupees since November to rein in the Indian unit. However, an acute cash shortage in the banking system forced banks to sell dollars to raise rupee funds. The rupee has gained more than 9 percent from a three-year low of 47.04 hit last July. “It’s unclear what the central bank would do now to check the rupee’s gains,” a private bank trader said. “The RBI’s very focused about inflation and liquidity. It would correct the exchange rate, once liquidity is comfortable,” said another chief economist. According to central bank data, the RBI had bought $7.8 billion between November and January. Traders see foreign investment as a key factor in determining the rupee’s movement in 2007.
[bold]THE ECONOMIC TIMES, 28 MAR 07 [/bold]
But as they say, nobody believes in the mountaineer till he climbs it. His motivation, determination, his dreams or his inner waves are not important till the time he proves it. This is what happened to the Rupee, making it a star makes sense now. But it did not make sense betting on the national currency as it moved sideways started July 2003 or when it started the final ascent in Jun 2006. Dear newsreader, the news is late yet again, this time it took the news 9 months to arrive and tell you that the asset crossed the 7 year summit.
[bold]WAVES.FOREX, 01 DEC 06, WE SAID [/bold]
“The currency is headed down to 43 and lower, despite what the RBI does, despite macro economic conditions, despite the seasoned trader. This is our multi month forecast. At this stage INR should be spurting up in a C wave back to plus 45 levels, before it continues the move down. Strange isn’t it, one side we have the professors, the economists, the politicians, the Bank of England, RBI and on the other side a pattern, Fibonacci sequence, and some statistical indicators”.
[bold]WAVES.FOREX.290307[/bold] latest updates on INR (Indian Rupee), YEN, EURO, DOLLAR and LEU (Romanian Lei) carries the perspectives with PREFERRED and ALTERNATE counts before the mountaineer starts climbing.