Rupee recovered 30 paise from Thursday's fall as sentiment for the rupee got a boost after the government relaxed norms on external commercial borrowings by companies. The dollar headed for a second monthly advance as rising stocks and declining crude oil brightened the outlook for the U.S. economy, the world's biggest oil importer.
technical view for the day(30.05.2008)
Rupee is expected to trade in the range of 42.42-42.75 levels. With good support seen at 42.38 levels. Break of which will see 42.30.Key resistance for the currency is seen at 42.80 levels. Currency is expected to be on a mixed note for the day . currency is also seen trading below the fast moving average .Stochastic is also indicating a downtrend and currency is seen testing the lower Bollinger in Band analysis giving the possibility of consolidation .
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