Rupee opened steady but weakened immediately afterwards as the greenback firmed against world peers, particularly the Euro. U.S. Dollar profit taking in Asia saw all the majors fall lower and the USD strengthen going into Europe. Stocks stabilized in the US session letting most pairs return to starting levels. The US Senate passed the first draft of the 2nd Stimulus package late in the day. Markets are in limbo awaiting the new US Treasury Secretary scheduled to speak about the banking bailout. Looking ahead for IBD Consumer Sentiment for February previously at 45.4.
Technical Outlook:
USDINR chart pattern gives an indication of bullish note for the day. The currency has broken the lower band level and is giving a small upward correction Stochastic is also seen trending up supporting the view. Trading range is expected between 48.54 - 48.88.With good resistance at 48.92 level for the day. Key support for the currency is seen at 48.40 levels.
USDINR chart pattern gives an indication of bullish note for the day. The currency has broken the lower band level and is giving a small upward correction Stochastic is also seen trending up supporting the view. Trading range is expected between 48.54 - 48.88.With good resistance at 48.92 level for the day. Key support for the currency is seen at 48.40 levels.
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