Indian Rupee edged lower as losses in other regional share markets raised expectations of outflows from local stocks, with the dollar's strength overseas also weighing. U.S. Dollar the direction was set in the Asian session with news from China about the diversification of FX reserves. Figures released show that gold holdings had increased to over 1000 tons. Also hurting dollar sentiment the continued rally seen in US stocks since Tuesday. New Home Sales (March) at 356k vs. 340K forecast. Looking ahead, March Midwest MFG previously at 83.8
Technical Outlook:
USDINR opened on a higher note. Currency is expected to trade in the range of 49.85-50.22 levels for the day. With good support seen at 49.80 levels and key resistance is seen at 50.30 levels. Stochastic is seen trending up giving bullish outlook and the currency is also seen trading on the moving average.
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