Rupee is expected to trade in a narrow band as the Local shares are seen opening firm in tandem with global indices. This could spur dollar inflows from foreign funds investing into India shares. However dollar demand from state-run banks on behalf of the RBI may check rupee gains.
TECHNICALS FOR THE DAY
Rupee is expected to trade in the range of 39.85-40.00 levels. With good support seen at 39.80 levels and key resistance holds at 40.05 levels. Currency is trading below the fast moving averages giving a indication of the currency to give a small downward correction. Narrow band width in Bollingers point towards the possibility of narrow trade in the currency.
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