USDINR & BSE Sensex

The USDINR seems to be forming a higher low at the 61.8% (43.97) retracement of the move from Jan 2008 (39)to March 2009 (52). The end of this move comes in the shape of a wedge that I think will resolve its self with a move to the upside. A close above 46 is what i would be looking for. The bottom of the chart is the BSE Sensex which has mirrored the USDINR for the for the last 5 years. It should come as no surprise then that the Sensex would continue to drop just as it did during the financial crisis, as the rupee got weaker.