Rupee rose against the dollar as the market rally lifted expectations of capital inflows. Liquidity was comfortable with banks parking close to Rs 52,000 crore with RBI. The central bank refrained from cutting rates at a policy review so as to assess the impact of its recent aggressive easing. U.S. Dollar was generally weak as the majors continued their recovery off multi-week lows. US data was weak with consumer confidence falling to a new low of 37.7 in January. The Richmond Fed rose slightly to -49 from -55 previously but is still at very poor levels. Oil fell over 6% on softening demand concerns. Crude Oil closed down -$3.63 ending the New York session at $42.10 per barrel .Looking ahead for FOMC Meeting widely expected to remain at 0% but the market will be waiting for the statement on any new initiative.
Tech Outlook:
USDINR chart pattern gives bearish signals and currency is expected to trade in the range of 48.68-48.98 levels for the day. With good support seen at 48.64 levels . key resistance is seen at 49.05 levels. Stochastic is seen trending down and the currency is seen trading below the moving average.
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