Rupee rose to three-week highs as investors speculated capital inflows would rise following a rebound in Asian stock markets, but dollar buying by oil refiners is seen checking sharp gains. U.S. Dollar weakened across the board after dismal US Jobs data in January. Non Farm Payrolls jumped to -598K vs. -530K. The Unemployment Rate Jumped to a 16 year high of 7.6% vs. 7.2% previously. Stock markets rallied around the world on speculation the economic data would force the hand of government in pushing through a stimulus bill. Looking ahead for focus on any US Senate vote on the 2nd stimulus package.
Technical Outlook:
USDINR chart pattern gives an indication of bearish note for the day. The currency has broken the lower band level and is trading in a overbought level . Trading range is expected between 48.40 - 48.80.With good resistance at 48.85 level for the day. Key support for the currency is seen at 48.35 levels.
No comments:
Post a Comment