Rupee eased on early gains as PSU banks were buying dollars for the oil related demand. Local share indices are seen rising today that is likely to strengthen views that foreign funds may be buying. Dollar sales by exporters could also aid rise in the rupee big gains are unlikely as state-run banks may step in to buy dollars at the behest of the Reserve Bank of India.
Tech view
Rupee is expected to move upper side for the day. With good support seen at 39.93 and key resistance for the currency is seen at 40.20 levels. trading range is expected between 39.95 -40.18 levels. Currency is seen trading on the fast moving averages and the Relative Market strength index is in neutral territory.
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