Continuing its fall for the eighth day in a row, the Indian rupee depreciated marginally to 52 a dollar in early tradetaking cues from a mixed trend in other Asian currencies amid some demand for the greenback from importers. U.S. Dollar Trading weakened in Asia as traders covered shorts and stocks rallied off lows. The losses proved short lived though as US economic data continued to surprise to the downside. January Pending Home Sales fell -7.7% vs. -3% forecast. Fed Chief Bernanke also spoke to senators and painted a bleak picture of the US banking industry. Looking ahead, January Non-Manufacturing for February expected at 41 vs. 42.9. Also released, February ADP National Employment expected at -610K vs. -522k previously.
Tech Outlook:
USDINR chart pattern indicates mixed note With the trading range between 51.40 -52.10 levels. With good support seen at 51.30 levels and key resistance at 52.15 levels. Stochastic is seen at overbought areas and is pointing towards the possiblity of slight downward correction but as long as currency is above the moving average there is no confirmation.
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