DATED 22.05.2008
Rupee fell below the psychological 43 per $1 mark to touch a new 13-month low today as banks rushed to buy the greenback to meet demand from oil companies as crude prices scaled new highs .There are bids from oil companies and large private bank is buying dollars for a major state-owned oil company
TECHNICAL VIEW FOR THE DAY 22.05.2008
Rupee is expected to trade in the range of 42.95-43.25.With good support seen at 42.90 levels and break of which will see 42.30 levels. Key resistance for the currency is seen at 43.40 levels. Stochastic and Relative Market Strength are at overbought levels but the parabolic curves say that the bull trend remains intact. Moreover currency is also seen trading above the fast moving average confirming the view and the has breached the upper bollinger..
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