Rupee weakened in early trade as losses in other regional markets raised expectations of more capital outflows from local shares but the dollar's weakness against majors is seen averting a sharp drop. U.S. Dollar traded with the expected large range due to the Non farm Payroll release. The figure for February at -651K was at expectations but the Unemployment Rate surged to 8.1% the highest rate in 30 years. Early Dollar weakness seen in Europe was reversed as the Employment figures caused risk aversion to spike higher and safe haven buying.
Technical Outlook:
USDINR chart pattern shows a narrow trade for the day .With the trading range between 51.45-51.90 levels for the day. Good support is seen at 51.20 levels and key resistance is seen at 52.00. Narrow Bollinger width shows a tight range. Stochastic is seen trending down giving bearish Outlook.
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