Rupee edged lower after a steady start as traders anticipated a drop in domestic shares, which could prompt a sell-off by foreign investors, but a weaker dollar overseas capped the fall. U.S. Dollar felt more pressure as traders tested the dollars downside once again. A small rise in US stocks and better than expected US trade data prompted more risk taking. March Trade Balance at -27.5Bn vs. -29Bn forecast. Looking ahead, April Retail Sales forecast at 0.0% vs. -1.2% previously.
Technical Outlook:

USDINR is expected to be on a sideways move for the day and with the trading range of 49.10-49.50 levels for the day. With good support seen at 49.02 levels and key resistance is seen at 49.58 levels. Stochastic is seen flat but the currency is trading below the moving averages.