Rupee rose as gains in Asian stocks spurred foreign fund flows into local shares. U.S. Dollar continued to trade in a wide range with the market selling USD ahead of the FOMC only to buy them back after a less dovish than expected statement. Adding to USD strength was reports that the SNB was intervening on CHF through USD/CHF in a dramatic move yesterday. Weak stocks in the US let the USD keep most of the gains into the US close .Looking ahead, Weekly jobless claims are forecast at 600 vs. 608K previously. Also released, Final GDP Q1 forecast to remain at -5.7% q/q.
Technical View:
USDINR chart pattern is seen on a range bound move. If the currency is able to break 48.62 levels it will resume its bullishness to 48.82 levels .Currency it is trading on the moving averages remaining sideways .Good support is seen at the average level of 48.45 break below will take it to 48.32 levels for the day.
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