Indian rupee was steady against the U.S. currency as banks avoided major dollar positions ahead of the Reserve Bank of India's annual monetary policy statement at noon today. We expect the central bank to leave interest rates and the cash reserve ratio unchanged in the policy.
Tech view:
Rupee is expected to be on a range bound movement for the day. With the trading range of 40.08-40.25 levels. With good support seen at 40.05 and key resistance is seen at 40.28 levels. The currency is expected to be on a tight range as the Bollinger band width is narrowed. But the prices are still above the fast moving averages only giving a hint to the bull trend.
No comments:
Post a Comment