The Indian rupee weakened mirroring losses in other regional peers and weighed by rising oil prices and choppy local shares. U.S. Dollar managed to end slightly higher after rebounding off lows set in the European session. A good US treasury Auction helped the USD gain for the rest of the day. US stocks couldn’t manage the optimism seen in Asia and Europe although higher Oil continues to support mining stocks. April‘s Trade Balance came in at expectations of -29.2B. Looking ahead for Retail Sales are forecast at 0.5% vs. -0.4% previously.
Technical Outlook:
USDINR chart pattern shows sideways to bullish note for the day. With the trading range between 47.20-47.60 levels for the day. Good support is seen at 47.18 levels and key resistance is seen at 47.65 levels. Stochastic is trending up giving bullish signal but the currency is seen trading on the moving averages giving a sideways outlook.
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