Indian Rupee fell against the US dollar in early trade owing to heavy capital outflow by foreign funds amid expectations of weak opening of the Indian bourses due to the Satyam fiasco.
Technical Outlook
USDINR chart pattern shows a doji reversal pattern and is expected to trade in the range of 48.25-48.80 levels for the day. With good support seen at 48.15 levels . key resistance is seen at 48.90 levels. Stochastic is seen flat and the currency is trading on the moving average only a break on either side can confirm the trend.
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