Rupee recovered from losses against U.S. dollar as banks sold the greenback following a sharp overnight retreat in crude oil prices. However the Indian unit could face tough resistance around 42.80 as oil companies may step up demand for dollar to meet their month-end requirements.
Technical view:
Rupee is expected to trade in the range of 42.72-42.96.With good support seen at 42.62 levels. Key resistance for the currency is seen at 43.06 levels. Currency is expected to be on a mixed note for the day. Stochastic and Relative Market Strength are seen flat and the currency is seen trading on the fast moving average . Band Analysis indicates towards a narrow trade for the day.
Rupee is expected to trade in the range of 42.72-42.96.With good support seen at 42.62 levels. Key resistance for the currency is seen at 43.06 levels. Currency is expected to be on a mixed note for the day. Stochastic and Relative Market Strength are seen flat and the currency is seen trading on the fast moving average . Band Analysis indicates towards a narrow trade for the day.
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