USD/INR Likely to Range 60.10-60.40 Until US Jobs Data

        0559 GMT [Dow Jones] After briefly touching the technical support at 60.10, USD/INR is back up again and likely to linger in a consolidation zone spanning 60.10-60.40 for today. The U.S. dollar is likely to bob around as the market awaits the release of the U.S. nonfarm payrolls report later today. Analysts are forecasting a strong improvement in U.S. job growth --which would raise the possibility of an early interest rate hike and thereby lift the U.S. dollar--but these bullish expectations may already be priced in. External factors, such as U.S. economic data, will continue to dictate the rupee's direction until the May 16 results of India's general elections. USD/INR is now 60.22 from its last close of 60.34. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 02, 2014 01:59 ET (05:59 GMT)