Rupee strengthened in early deals helped by gains in other Asian currencies but traders are awaiting the domestic share market's open for cues on direction of fund flows. U.S. Dollar Dollar strength was short lived as Global Stock markets charged ahead. Most Currencies made solid gains against the USD with commodities also making substantial gains. Pending Home Sales rose 3.2% vs. 0% forecast. Crude Oil was up $1.27 ending the New York session at $54.55 per barrel. Looking ahead, April PMI Manufacturing Forecast at 42 vs. 40.8 previously.
Technical Outlook:
Rupee is expected to be on a sideways move and trade in the range of 49.50-49.85 levels for the day. With good support seen at 49.40 levels and key resistance is seen at 49.92 levels. Stochastic is trending down. caution required as market is trading in the oversold levels and currency is trading on the lower band levels .
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