Rupee rose erasing early losses against the greenback on dollar sales from foreign banks. Dollar supply from a large U.S. bank brought the market to 42.63/$1 from 42.72/$1.The Indian unit also bounced back as dollar demand from oil companies and other importers declined. Demand from other importers at higher rupee levels may restrict a sharp rise.
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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