Rupee fell as sharp falls in the global stock markets raised concerns of more capital outflows from local shares, but the central bank is expected to intervene to check any steep fall. U.S. Dollar was sold broadly in Asia and early Europe as the Citigroup/ US government investment story took hold and stocks reversed losses. The rally proved short-lived with US equities reversing early gains and plummeting to new year lows. The Dollar finished very well supported. Looking ahead for February Consumer Confidence is forecast at 35.5 vs. 37.7.
Technical outlook:
USDINR chart pattern indicates a small upward correction for the day. With the trading range between 49.69-50.05 levels. With good support seen at 49.60 levels and key resistance at 50.15 levels. Stochastic is seen trending up giving indication of a upward correction currency is expected to test the upper bollinger level of 50.05 before consolidating.
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