Rupee extended the losses against the greenback as banks bought dollars to meet demand from oil companies and other importers amid spiraling crude prices. There are bids from large state-run oil companies as crude prices are at record high levels. Rupee also weakened as some foreign banks stepped up dollar demand on views that local shares may open down tracking the fall in global share indices.
Tech View:
Rupee is expected to trade in the range of 42.59-42.91.With good support seen at 42.53 levels and break of which will see 42.48 levels. Key resistance for the currency is seen at 43.00 levels. Stochastic and Relative Market Strength are at overbought levels but the parabolic curves say that the bull trend remains intact. Moreover currency is also seen trading above the fast moving average confirming the view. Bollingers show a tight range for the currency
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