Rupee Stays firm on profit sales by exporters and as some banks liquidate long dollar positions. But, dollar demand from oil companies and other importers limits sharp rise. Premiums down as banks sell fwd dollars. The U.S. trade deficit probably narrowed in March as a weaker dollar boosted exports of machinery and food, economists said ahead of a government report today.
Tech view:
Rupee is expected to trade with the range of 41.35-41.80 levels. With good support seen at 41.25 levels .Key resistance is seen at 41.85 for the day. Technical gap is seen thereby rupee expected to appreciate in near term .Stochastic and Relative strength index are at overbought levels .
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