Indian rupee edged higher following gains in other Asian currencies. U.S. Dollar came under pressure across the board as a jump in shares helped increase risk appetite. May Retail Sales rose 0.5% vs. 0.6% forecast. Commodities also rallied with Oil jumping to $73 a barrel after the IEA raised its world Oil demand forecast. Weekly jobless claims fell 24k to 601k this week. Crude Oil closed up $11.35 to finish the day at $72.68.Looking ahead, G8 Finance minister meet over the weekend.
Technical Outlook:
USDINR chart pattern shows sideways to bullish note for the day. With the trading range between 47.30-47.75 levels for the day. Good support is seen at 47.25 levels and key resistance is seen at 47.82 levels. Currency is expected to test the resistance level and turn down to lower band levels as Stochastic is trending down hinting towards small downside correction and the currency is seen trading on the moving averages giving a sideways outlook.
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