The Rupee snapped a four-day slide and rose as higher regional stock markets calmed concerns of capital outflows but month-end dollar demand from importers could check a sharp rise. U.S. Dollar gave up some of the strength gained when the Treasury Secretary Geithner testified that the vast majority of US banks have more capital than required and that the credit markets are improving. Looking ahead, Crude Oil Inventories are forecast at 2.3M vs. 5.6M previously.
Technical Outlook:
USDINR is expected to move in the range of 50.20-50.50 levels for the day. With good support seen at 50.1550 levels and key resistance for the currency is at 50.61 level. Though the trend remains bullish .It is expected to test 50.20 levels .Stochastic is seen trending down .But currency is trading above the moving average only crossovers can confirm the trend. Strategy for the day would be a Buy at support levels .Range Bound movement is expected.
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