Rupee weakened following weak Asian stock markets

Rupee weakened following weak Asian stock markets and the dollar's rise against some regional currencies, but sharp losses may be limited as exporters cash in their dollars. U U.S. Dollar enjoyed major gains against the EURO and GBP as bad news out of Europe hurt their respective currencies. European stocks were also hurt by the negative news but follow on effects in the US Session were avoided as the Markets were closed for Martin Luther King Day

Technical outlook:
USDINR chart pattern gives bullish signals and currency is expected to trade in the range of 48.85-49.13 levels for the day. With good support seen at 48.78 levels . key resistance is seen at 49.23 levels. Stochastic is seen trending up and the currency is seen trading above the moving average and is supporting the bull run.