Rupee was a shade weaker with mixed Asian Stocks and currency cues and as traders await an interim budget that is expected to be presented in Parliament at 11 am but the market recouped most of its early losses as some banks sold dollars for exporters and some booked profits. U.S. Dollar had a mixed day with the market initially selling the dollar in Asia before weak European Data and sluggish US stocks let the reserve currency pare back losses ahead of the G7 meeting over the weekend. Stocks welcomed the House passing the 2nd stimulus bill but weak Consumer sentiment weighed. UoM Sentiment fell to 56.2 vs. 60.6 expected .Looking ahead, Presidents day in America.
Technical Outlook:
USDINR chart pattern indicates a range bound move for the day . Stochastic is seen trending up supporting the bull view . Trading range is expected between 48.58 - 48.80.With good support at 48.54 level and key resistance at 48.85 levels for the day. Currency is trading below the moving average and is expected to test the lower bollinger level of 48.58.
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