Rupee opened higher as local shares rose following leads from regional stocks, raising expectations of capital flows that would support the currency.
Technical Outlook:
USDINR chart pattern shows a small downside correction for the day. With the trading range between 49.75-49.95 levels. With good support seen at 49.68 levels and key resistance is seen at 50.08 levels for the day. Stochastic is seen trending down and the currency is expected to test the lower bollinger level of 49.75.But caution required as market trading at oversold area.
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