Rupee strengthen tracking the dollar's weakness against some currencies but gains could be capped by month-end oil import payments .One-month offshore non-deliverable forwards were quoting at 50.11/21 weaker than the onshore spot rate. U.S. Dollar weakened considerably against the EURO and GBP as US stocks continue to rebound. Weekly Jobless Claims jumped to 540K vs. 613K previously. Also released March Home Sales at 4.57Mln vs. 4.7Mln forecast. Helping Global Stock sentiment was better than expected credit Suisse results for Q1. Looking ahead for New Home Sales forecast at 0.34Mn vs. 0.337Mln.
Technical Outlook:
USDINR opened on a lower note and is expected to trade in the range of 49.75 -50.22 levels. With good support seen at 49.68 and 49.52 levels and key resistance for he currency is seen at 50.32.Stochastic is seen pointing down and the currency is also trading below the moving average level. But since the currency has opened on a lower note possibility of gap filling cannot be ruled out,but bullish trend can be confirmed only with the break of 50.08.
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