Rupee rose supported by firm Asian stock market and the dollar's weakness against some regional currencies. U.S. Dollar strengthened on safe haven flows during Asia and Europe as equities tumbled. The situation was reversed in the last hour of trading in New York as rumors spread of a new mortgage rescue initiative to be announced from the Obama administration. January Retail Sales unexpectedly gained 1% vs. -0.8% forecast. Weekly Jobless Claims continued to be weak though at 623K vs. 610K expected. Looking ahead for February Michigan Sentiment seen forecast at 61 vs. 61.2 previously.
Technical Outlook:
USDINR chart pattern gives an indication of bearish correction for the day. Stochastic is seen trending down supporting the bear view but caution required as it is trading on the moving average ,if the currency is able to sustain below the moving average level of 48.71 then it will take support at 48.66 levels .Trading range is expected between 48.68-48.85.With good resistance level at 48.90.
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