Indian Rupee rose against the US currency in early trade on expectations of capital inflows by foreign funds. U.S. Dollar returned to weakening as the heavy gains the day before inspired fresh selling. US data was weak but stock managed to also finish marginally higher. Weekly jobless claims at 637k vs. 610k Forecast. Looking ahead, April CPI at 0.1% vs. 0.2% previously.
Technical Outlook:
USDINR is expected to give bearish correction. With Good support seen at 40.30 levels and key resistance is seen at 49.95 .Currency is expected to trade in the trading range of 49.40-49.90 levels for the day. Stochastic is trending down and the currency is expected to give a correction till 49.30 levels but caution required as market in oversold areas.
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