Rupee dropped as a stronger dollar overseas and expectations of a fall in domestic shares weighed, after it had jumped 4.3 per cent over three days. U.S. Dollar experienced another day of rapid change in market mood to finish significantly weaker than the start of Asia. The change was led by an incredible post election rally in India of over 17% before being limited by the exchange. The rally sent risk currencies surging and dented the demand for USD and JPY. Crude Oil was up $2.10 a barrel to close at 59.80.Looking ahead, April Housing starts forecast at 0.52M vs. 0.51M previously.
Technical Outlook:
USDINR is expected to give sideways to bullish note for the day. With Good support seen at 47.30 levels and key resistance is seen at 48.20.Currency is expected to trade in the trading range of 47.45-48.05 levels for the day. Stochastic is seen flat but has raised from the oversold areas and the market is trading below the moving average level.
USDINR is expected to give sideways to bullish note for the day. With Good support seen at 47.30 levels and key resistance is seen at 48.20.Currency is expected to trade in the trading range of 47.45-48.05 levels for the day. Stochastic is seen flat but has raised from the oversold areas and the market is trading below the moving average level.
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