Rupee appreciated in early trade on increased dollar sales by exporters amid expectations of capital inflows by funds as market may open higher in line with firming trends on the other Asian equity markets .U.S. Dollar mixed results and US stocks kept most majors contained to their respective ranges. USD strength in Asia on profit taking was the theme but dip buyers emerged at the noted levels in the market. US House prices were up 0.9% in May and help ignite fresh risk appetite. Fed Chief Bernanke spoke again and was questioned by congress on the lack of consumer protections. Crude Oil closed down $0.21 at $65.40 in September contract.. Looking ahead Weekly Jobless claims are forecast at 550K vs. 522k previously. June Existing Home Sales are forecast 4.84M vs. 4.77M previously .
Technical Outlook:
USDINR charts are locked in 48.20-48.65 range Stochastic is trending down and has given bearish crossovers is expected to test the support levels only break below that level would trigger bearishness else currency is expected to pick up bullish momentum and rally to test 48.65 levels.. Immediate resistance is seen at 48.75. Currency is also seen trading on the moving average.
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