Friday, July 19, 2013

Indian Rupees vulnerable

In Asia there are very diverging performances. The markets like the Philippines, Indonesia and Thailand are up 3-4 times from the 2009 lows. These markets are very extended.

The Chinese market, apart from Vietnam and until last October Japan, had been in a declining mode. In some cases very depressed like Japan in October of last year, it had been in a down trend since 1989. So these markets are probably reaching a buying range.

In case of India I am not so sure there is a great hurry to buy anything because the market may not go down equally, but the currency would still seem to be vulnerable.