[BITList] best interest

[CT's]

great news - tim says a strong dollar is in his country's best interest............................................................!

oh dear - rupee retreats.....................................................!




Indian Rupee Declines After U.S. Says It Favors Strong Dollar 
By Anoop Agrawal

Nov. 12 (Bloomberg) -- India's rupee fell after U.S. Treasury Secretary Timothy Geithner said a strong dollar is in his country's best interest. 

The rupee retreated from near a three-week high after Geithner reiterated that the U.S. will tackle its swelling fiscal deficit once a recovery in the world's largest economy takes hold. That prompted investors to favor the greenback, said Sudarshan Bhatt, chief currency trader at state-owned Corporation Bank. The dollar has dropped this year against all 16 major global currencies tracked by Bloomberg. 

"Investors are moving towards a view that the recent drop in the dollar was overdone and the greenback is only going to rise from here," Mumbai-based Bhatt said. "I expect the rupee to be pressured lower by that sentiment." 
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