Rupee opened down as falls in Asian stock markets raised concerns about foreign fund outflows, but the dollar's weakness against major currencies provided some support. U.S. Dollar kept to a tight range with some profit taking leaving the USD relatively unchanged against most of the majors. December Trade Balance improved to -39.9bn vs. -41.6bn previously. Late in the day news emerged of a deal reached to resolve differences between the House and Senate versions of the stimulus bill. . Looking ahead, Weekly Jobless claims are forecast at 610K vs. 626K previously. January Retail Sales are forecast -0.8% vs. -2.7% previously. ·
Technical Outlook:
USDINR chart pattern gives an indication of bullish note for the day. Stochastic is seen trending up supporting the bull view the currency is expected to test resistance level of 48.85 levels. Trading range is expected between 48.58 - 48.80.With good support at 48.54 level for the day.
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