Indian rupee extended its drop to hit a record low of 52 against the dollar on on heightened concerns of rising foreign funds outflows while arbitrage play between the onshore and offshore markets hurt. U.S. Dollar Gained against most currencies as the dollar became the last refuge for investors with global stocks finishing the week very weak. Also hurting sentiment was the largest revision on record for US Q4 GDP at -6.2% y/y vs. -3.8% y/y initially.
Technical Outlook:
USDINR chart pattern indicates downward correction for the day. With the trading range between 51.20-51.90 levels. With good support seen at 50.95 levels and key resistance at 51.95 levels. Stochastic is seen overbought levels and indicates the currency to have a sell off till the support levels for the day.
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