Rupee rose as gains in regional stock markets raised expectations for more capital flows into the domestic market, but import payments by oil refiners will be watched. U.S. Dollar strengthened after being under pressure for most of the day as some poor results after hours from Microsoft led to a sharp pullback in the majors. USD/JPY tracked stocks higher and was able to retain the strength. June Existing Home Sales were better than expectations at 4.89M vs. 4.82m forecast. Weekly Jobless claims were at 554K vs. 522k previously. Looking ahead, UoM June Consumer Confidence forecast at 65.1 vs. 64.6 initial.
Technical Outlook:
USDINR charts are locked in 48.20-48.56 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 small upward correction and rally to test 48.56 levels.. Immediate resistance is seen at 48.62. Currency is also seen trading on the moving average only break on either side would confirm the trend.
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