Indian rupee appreciated by 38 paise against the US currency in early trade on expectations of fresh capital inflows by foreign funds into domestic stock markets U.S. Dollar accelerated the weakness seen yesterday as rays of hope emerged and global stock markets remained buoyant. During the Asian session there was a slight reprieve for the dollar as news emerged that China’s Exports in February dropped -25% vs. a milder -5% forecast. Looking ahead for Weekly Claims are forecast at 645K vs. 639K previously. February Retail Sales are forecast at -0.5% vs. 1.0% previously.
Technical Outlook:
USDINR chart pattern shows a narrow trade for the day .Currency has a good support at 51.40 levels but if the support level is broken and is able to sustain below the level then the second support level would be at 51.17 .Upper range remains at 51.70 and break above it would add bullish momentum to the currency and would take it to the resistance level of 51.90 levels.
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