Indian Rupee opened marginally lower on views local shares may be weak in line with global indices. Dollar demand from Importers' may add to rupee's fall. Bunched-up dollar inflows after the weekend could also lead to supply. Some banks may also sell dollars on views the Reserve Bank of India's dollar purchases will be less aggressive after inflation for the week to Mar 15 touched a 59-week high.Rupee is expected to trade in the range of 39.65-39.95.With good support seen at 39.60 and resistance for the same is seen at 40.00 levels. Currency is expected to have a downward correction for the day. Relative Market strength index and Stochastic are indicating a downward for the day. Currency is seen trading below the fast moving averages which is confirming the bear trend.
Sunday, March 30, 2008
Rupee outlook
Indian Rupee opened marginally lower on views local shares may be weak in line with global indices. Dollar demand from Importers' may add to rupee's fall. Bunched-up dollar inflows after the weekend could also lead to supply. Some banks may also sell dollars on views the Reserve Bank of India's dollar purchases will be less aggressive after inflation for the week to Mar 15 touched a 59-week high.Rupee is expected to trade in the range of 39.65-39.95.With good support seen at 39.60 and resistance for the same is seen at 40.00 levels. Currency is expected to have a downward correction for the day. Relative Market strength index and Stochastic are indicating a downward for the day. Currency is seen trading below the fast moving averages which is confirming the bear trend.
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