Rupee opened firm against the US dollar because banks sold dollars on hopes that inflows from foreign funds may continue to trickle into the local market as shares are seen gaining here .Stocks have been rising from last two sessions .Overall sentiment for the rupee looks upbeat. However, dollar demand from importers limited the rupee's rise. U.S. Dollar gained in Asia as stocks came under pressure for the second day in that region. Most of the gains were given up in the US session as equities bounced into the close. The EUR struggled once again but AUD and GBP rallied well. CPI (March) gained 0.2% vs. 0.1% forecast. Looking ahead for March House Starts forecast at 0.54M vs. 0.583M previously. Also released Philly Fed (Apr) forecast at -32 vs. -35 previously.
Technical Outlook:
USDINR charts shows a bearish note for the day. With the trading range expected between 49.23-49.58.Good support is seen at 49.15 levels and key resistance for the currency is seen at 49.68 levels. Stochastic is trading at the oversold area hinting towards the possiblity of small upward correction but the general trend remains bearish
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