Rupee Bullish VS Dollar Despite Pullback

        0554 GMT [Dow Jones] The daily USD/INR technical chart is biased lower--a bullish signal for the rupee--as long as the greenback closes below 59.07 Wednesday. The ceiling of the daily Bollinger downtrend channel must hold up for the bearish bias to persist. The rupee has pulled back from Monday's 11-month peak of 58.36 versus the dollar, but is still 1.2% stronger since the election results. Aside from rupee strength, USD/INR is also fundamentally biased lower due to low U.S. government bond yields dampening demand for the dollar. USD/INR is now 58.75 from its Tuesday close of 58.57. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 21, 2014 01:54 ET (05:54 GMT)