Indian rupee depreciated against the dollar in early trade today as banks bought the dollar on behalf of importers and after the USD stabilized against a basket of currencies in Asian markets. U.S. Dollar enjoyed a positive day on the back of large corrections on multiple currencies. Large moves in Europe were seen on the back of combined statements from the Japan, India, Korea and China all supporting US debt. US stocks fell after ISM non manufacturing at 44.0 vs. 45.1 forecast. Crude Oil finished down $2.43 to finish the day at $66.12 a barrel. Looking ahead, Weekly Jobless Claims are forecast at 620 vs. 623K previously.
Technical Outlook:
USDINR is expected to trade in a narrow range and give bullish correction for the day. With the trading range between 47.05-47.42 levels for the day. Good support is seen at 46.90 levels and key resistance is seen at 47.50 levels. Stochastic is trending up and the currency is also seen trading above the moving averages giving bullish outlook but tight bollingers shows a narrow trade.
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