Rupee rose as gains in regional stock markets may attract more capital inflows a key driver for the local unit.U.S. Dollar was once again at the mercy of the equity markets which managed to make small gains into the weekend and pressured the Dollar lower. ISM Manufacturing managed to jump to 40.1 in April vs. 36.3 previously. US Factory Orders fell -0.95 in March. Crude Oil was up $2.08 ending the New York session at $53.20 per barrel.Looking ahead, Pending Home Sales March forecast at 0% vs. 2.1% previously.
Technical Outlook:
Rupee opened at a lower note with a gap and is expected to trade in the range of 49.48-49.80 levels for the day. With good support seen at 49.32 levels and key resistance is seen at 49.88 levels. Stochastic is trending down. caution required as market is trading in the oversold levels and currency is trading on the lower band levels .
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