Rupee in narrow trade-April 09

Rupee was little changed as traders avoided taking major positions awaiting cues from the local share markets. Banks also avoided selling dollars on views that RBI's dollar buying may limit gains. importers are seen buying dollars at the current levels which could push the rupee down. oil and gold-related dollar demand could emerge today and weaken the rupee further. Rupee is expected to trade in the range of 39.90-40.10.Currency is expected to trade on upper side for the day. Good support is seen at 39.85 and key resistance for the currency is at 40.15.Stochastic and Relative Market strength index are giving a indication for the currency to be on a bull note.