Promising trading instrument – USD/INR pair
In the early month, we added a new promising asset, the USD/INR currency pair, to the list of trading instruments. The pair is already featured in the platform and is available for trading.
The Indian rupee has overcome several serious challenges up to 2000. In 2000s, the rupee exchange rate stabilized. Nowadays, India takes the fourth place by GDP after the eurozone, the United States, and China. The Indian economic growth a year makes up 7.5% and the country holds the 15th place by it. India is one of the most successfully developing countries.
Expansion of trading and economic processes as well as India’s participation in international capital flows will trigger faster growth in the rupee trading volume. The country’s major economic sectors that attract billion dollars are electronics, pharmaceutical and chemical industry, telecommunication, non-ferrous industry, trading, and non-financial services. Growth rates of India’s high-tech industry could beat those of the United States in the near future. The country’s key investors are Singapore, Mauritius, and the US.
The Indian rupee has been trading sideways at 57.335-54.175 levels of the AB wave of the high level. A break of one of the range limits will indicate formation of short wave C. A breach of the upper limit will lead to a monthly or higher level; and a breach of the lower limit, daily/daily2 level.
Deals on the Indian rupee are gaining in popularity on Forex, and the future of this currency looks rather promising.