The Rupee weakened against the U.S. dollar as banks bought dollars expecting demand for the greenback from foreign funds with local shares seen opening lower today in line with overseas indices. A few banks were also said to be buying dollars for their corporate clients. Oil companies are seen queuing up for dollars today after crude oil prices on NYMEX rose to a record $120.36 a barrel.
Tech view:
Rupee is expected to trade in the range of 40.80-40.60 levels. With good support seen at 40.55 levels .Key resistance is seen at 40.83 for the day. Stochastic and Relative strength index are indicating the currency to have a upward movement. But Indian unit is seen trading above the fast moving average confirming the view.
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