Indian Rupee weakened for a second consecutive day as month-end demand for dollars from oil refiners and importers hurt, while traders awaited the local stocks open for further direction.U.S.Dollar strength accelerated throughout the session putting heavy pressure on most of its counterparts.The focus should probably be on the FOMC meeting this week, as well as US GDP which is scheduled to be released this Wednesday. While growth is expected to be negative, the question is how negative as we look for anecdotes to build a more accurate projection of the timing for a recovery.
Technical Outlook:
USDINR opened on a higher note. Currency is expected to trade in the range of 50.20-50.50 levels for the day. With good support seen at 50.12 levels and second support is seen at 50.03 levels. key resistance is seen at 50.61 levels. Stochastic is seen trending up giving bullish outlook and the currency is also seen trading on the moving average.
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