Rupee strengthened against the U.S. dollar because banks sold the greenback after the Reserve Bank of India hiked cash reserve ratio to drain excess liquidity and tame inflationary pressure. Inflation is hovering over a three-year high of over 7% for the last two weeks.
Tech view
Rupee is expected to trade to trade in the range of 39.75-39.95.With good support seen at 39.70 and key resistance for the currency is seen at at 40.00 levels. Currency is seen trading well below the moving averages and the Relative Market strength index is also hinting the currency to give a downward movement for the day.
Rupee is expected to trade to trade in the range of 39.75-39.95.With good support seen at 39.70 and key resistance for the currency is seen at at 40.00 levels. Currency is seen trading well below the moving averages and the Relative Market strength index is also hinting the currency to give a downward movement for the day.
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