Rupee moved in a steady band against the U.S. dollar with a downward bias amid lack of clear direction from overseas markets. There is no fresh trigger from the global markets and the shares are mixed. So, we need to take clues from the local shares. U.S. Dollar had a mixed day gaining slightly as equities came under pressure. US data showed improvement with ISM Non manufacturing increasing to 42.9 vs. 39 forecast in January. January ADP Private Unemployment Report was at expectations -522K vs. -693K in December. Looking ahead for Weekly Jobless Claims are forecast at 585K vs. 588K previously. Q4 Labor Costs and Productivity forecast at 3% and 1.3% respectively.
Technical Outlook:
USDINR chart pattern gives mixed signals and currency is expected to trade in the range of 48.68-48.93 levels for the day. With good support seen at 48.60 levels . key resistance is seen at 49.02 levels. Stochastic is seen flat only crossover can confirm the trend and the currency is seen trading on the moving average and expected to take support at the lower band level.
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