Indian rupee rose to a five-month high past 47 per dollar supported by the U.S. unit's weakness overseas and on hopes for a jump in foreign investment after the ruling coalition won national elections. U.S. Dollar fell heavily for the second day as concern for the US’s AAA rating saw investors dump the dollar. Weak US stocks did little to help and the link between the two has weakened. Weekly Jobless claims fell 12k to 631K this week. Crude Oil was down $1.01 a barrel to close at $61.05. Looking ahead, Fed Chairman Bernanke Speaks.
Technical Outlook:
USDINR is expected to give bearish note for the day. With Good support seen at 46.95 levels and key resistance is seen at 47.30.Currency is expected to trade in the trading range of 46.90-47.40 levels for the day. Stochastic is seen flat in the oversold areas and the market is also trading below the moving average level.
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