The Rupee fell past 48 per dollar to its lowest in nearly two weeks as the US unit gained against other major currencies while dollar demand from importers to make month-end payments also weighed. U.S. Dollar tested new lows in the Asian and European sessions before rebounding sharply into the close of the day. US stocks sold off in the afternoon on the back of rising US Treasury Yields hurting investor sentiment in stocks and Commodities. Existing Home Sales are forecast at 4.68M vs. 4.65M forecast. Crude Oil finished up $2.20 to finish the day at $63.20 a barrel. Looking ahead for Weekly Jobless Claims are forecast at 630k and New Home Sales are forecast at 0.36M vs. 0.356M previously.
Technical Outlook:
USDINR is expected to give bullish move for the day. With Good support seen at 47.22 levels and key resistance is seen at 48.20.Currency is expected to trade in the trading range of 47.78- 48.12 levels for the day. Stochastic is seen trending up and Market is trading above the moving average level bullish outlook but since it is trading on the upper band so possibility of downward correction cannot be ruled out .
USDINR is expected to give bullish move for the day. With Good support seen at 47.22 levels and key resistance is seen at 48.20.Currency is expected to trade in the trading range of 47.78- 48.12 levels for the day. Stochastic is seen trending up and Market is trading above the moving average level bullish outlook but since it is trading on the upper band so possibility of downward correction cannot be ruled out .
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