Rupee reached a five-week low as local shares fell following the lead from Asian stocks, triggering concerns of foreign fund outflows. US Dollar strength looks to be gaining momentum of major forex currencies as the greenback again becomes attractive as a safety play amid reversing stock and commodity markets.
Technical Outlook:
USDINR chart pattern gave a higher open and is expected to resume its bullishness and test the resistance level of 48.97 and as the market is seen trading in the overbought areas it is expected to give a downward consolidation after the Europe open to 48.66 levels next support for the currency is seen at 48.40.Chart pattern is expected to have a doji formation for the day .
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