USD/INR Stable but Downtrend Bias Remains

        0557 GMT [Dow Jones] USD/INR is likely to maintain its bearish trajectory inside the Bollinger downtrend channel that now caps at 60.08. The U.S. dollar could soon test the base of the channel at 59.77 after U.S. Federal Reserve Chairwoman Janet Yellen on Wednesday highlighted the slow recovery of the U.S. housing sector--triggering some dovishness among Fed-watchers. The U.S. dollar likely continues to trade with a heavy tone due to the low yields of benchmark U.S. government bonds. USD/INR is now 60.02 from its Wednesday close of 60.01. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 08, 2014 01:57 ET (05:57 GMT)