Rupee recovered from Thursday's sharp fall as some banks sold the greenback for exporters. Bouts of profit booking too aided the rupee. Some small companies are selling dollars noting that the RBI was supporting around 43.20 per $1 yesterday .The rupee which has weakened over 7% in the last one month retraced some losses on after the Reserve Bank of India sold dollars to check the volatility in the Indian currency.
Tech view:
Rupee is expected to trade in the range of 42.75-43.05.With good support seen at 42.70 levels. Key resistance for the currency is seen at 43.15 levels. Currency is expected to be on a mixed note as Stochastic and Relative Market Strength are seen flat .But the currency is seen trading above the fast moving average .
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