Rupee slipped to a new eight month low today on persistent dollar buying from oil importers and other importers amid slack supply of dollars. oil companies as rise in crude oil prices have caused a concerns among oil retailers . Large U.S. banks was among the major dollar buyers on worries about the thinning dollar supply.
Tech outlook:
Rupee is expected to trade in the range of 40.90-41.25 levels. With good support seen at 40.85 levels .Key resistance is seen at 41.28 for the day. Stochastic and Relative strength index are at overbought levels. But the currency is trading above the fast moving averages giving an element of caution.
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