Rupee continued to weaken against the US dollar because of demand from oil companies and lack of supplies from exporters, We are expecting the dollar/rupee to touch 42.50 soon as the Oil companies are buying continuously.
tech view
Rupee is expected to trade in the range of 42.15-42.48.With key resistance seen at 42.55 levels and break of which will see 42.86.Good support is seen at 42.10 levels.Chart pattern indicates the currency to have a bullish movement for the day as it is trying to test the upper Bollingers in Band analysis.Currency is also seen trading above the fast moving average confirming the trend.
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