The Rupee gained for a third successive session buoyed by sharp losses in the dollar versus major currencies, but traders were awaiting the opening of the domestic share market for further direction. U.S. Dollar enjoyed another brief bounce in the Asian session as investor concerns about the GM bankruptcy and weak stocks weigh on sentiment. The main source of gains was against the Yen which came under heavy selling pressure as moody affirmed the US AAA Bond rating. US data was mixed with weekly jobless claims improving to 623 K but New Home Sales remaining weak at 0.352M vs. 0.36M forecast. Looking ahead, Q1 GDP is expected to be revised to -5.5% vs. -6.1%.
Technical outlook:
USDINR is expected to give a downward correction for the day. With the trading range between 47.25-47.70 levels for the day. Good support is seen at 47.20 levels and key resistance is seen at 47.78 levels. Stochastic is trending down and the currency is also seen trading below the moving averages giving bearish outlook.
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