Indian rupee strengthened on expectations of capital inflows by foreign funds amid weakening of dollar against other major currencies. U.S. Dollar finished the week at multi-month lows against the Euro as better than expected US Job Data allowed risk appetite to jump another notch higher. April Non-Farm Payrolls were down -539K vs. -590K forecast. The Unemployment Rate leaped to 8.9% vs. 8.5% previously. Crude Oil was up $1.92 ending the New York session at $58.63 per barrel.
Technical Outlook:
USDINR is expected to be on a bear note for the day and trade in the range of 49.02-49.21 levels for the day. With good support seen at 48.95 levels and key resistance is seen at 49.28 levels. Stochastic is trending down giving bearish crossovers but caution required as market is trading near zero level. Currency is expected to test the upper range before giving downward correction
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