The rupee is likely to soften after an easing in Asian equities that may lead to outflows of foreign capital from the local stock market .Any Inflow from exporters or foreign funds is likely to be offset by Reserve Bank of India's dollar purchases through nationalized banks. Since the RBI started buying this week the market were seen on range-bound trade and it is likely to remain so for the day . Rupee is expected to trade in the range of 39.95-40.10.Currency is expected to trade in a narrow range for the day. Good support is seen at 39.90 and key resistance for the currency is at 40.20.Stochastic and Relative Market strength index are giving a indication for the currency to be on a mixed note for the day.
Thursday, April 3, 2008
Rupee in narrow trade
The rupee is likely to soften after an easing in Asian equities that may lead to outflows of foreign capital from the local stock market .Any Inflow from exporters or foreign funds is likely to be offset by Reserve Bank of India's dollar purchases through nationalized banks. Since the RBI started buying this week the market were seen on range-bound trade and it is likely to remain so for the day . Rupee is expected to trade in the range of 39.95-40.10.Currency is expected to trade in a narrow range for the day. Good support is seen at 39.90 and key resistance for the currency is at 40.20.Stochastic and Relative Market strength index are giving a indication for the currency to be on a mixed note for the day.
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