Indian rupee appreciated to a two-week high against the dollar in early trade on expectations of increased capital inflows by foreign funds following firm Asian stock markets. US data had a weak tone as Chicago Fed activity weaker than previous and Dallas Fed manufacturing weaker than market expectations. Despite this the S&P500 opened strongly and held onto the gains through the session, up 1.0% near the close. Quarter end window dressing seemed to be the main factor behind the strength.USDINR chart pattern shows a range bound move between 47.70-48.08 levels for the day. Good support is seen at 47.65 and key resistance at 48.12 levels .Currency is trading below the moving average level and stochastic is also seen trending down hinting towards the possibility of small downward correction.
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