The Rupee depreciated against the dollar taking cue from weak Asian currencies and expectations of capital outflow by foreign funds in the domestic equities which opened on a negative note. U.S. Dollar the market took the cue of global Finance ministers who talked up the dollar on Friday and prompted profit taking form Oil to Gold. Crude Oil closed down $0.64 to finish the day at $72.04. US Consumer Confidence continues to edge higher up to 69 in June vs. 68.7 previously. Looking ahead for April Capital Net flows previously at 55.8bn.
Technical view:
USDINR chart pattern shows a bullish note for the day. With the trading range between 47.55-47.95 levels for the day. Good support is seen at 47.42 levels and key resistance is seen at 48.05 levels. Currency is expected to test the resistance level and turn down to moving average levels as Stochastic is trending up but seen in overbought areas hinting towards small downside correction and the currency is seen trading above the moving average.
No comments:
Post a Comment