Indian rupee dropped on outflow concerns from the local stocks, after losses in other regional markets, with the dollar's gains against major currencies weighing on sentiment, but volumes were hit by a strike. U.S. Dollar gave up a lot of strength during the Asian and European session as profit taking set in and stocks rallied. Some of the losses were given back though as US stocks continued to slump and closed below 7500 for the first time. Oil surged over 10% on the back of a fall in US inventories and plans to cut production from OPEC. Weekly Jobless claims held steady at 627K. January PPI jumped 0.4% vs. 0.1%. Looking ahead for January CPI is forecast at 0.3% vs. -0.8% previously.
Technical Outlook:
USDINR chart pattern indicates a small upward correction for the day. With the trading range between 49.60-49.96 levels. With good support seen at 49.55 levels and second support at 49.30 and key resistance at50.05 levels. Stochastic is seen trending up giving indication of a upward correction.hnical Outlook:
USDINR chart pattern indicates a small upward correction for the day. With the trading range between 49.60-49.96 levels. With good support seen at 49.55 levels and second support at 49.30 and key resistance at50.05 levels. Stochastic is seen trending up giving indication of a upward correction.hnical Outlook:
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