Rupee weakened against the dollar contrary to expectations on dollar demand from foreign banks. The rupee opened higher on views that local shares may rally tracking overseas gains following the U.S. rate cut by 25basis points. A few banks were said to be buying dollars for oil companies while some went long on dollars noting the strong demand.
TECH VIEW:
Rupee is expected to trade in the range of 40.50-40.75.Good support seen at 40.42 levels. Key resistance is seen at 40.83 levels. Upper Bollinger's is breached but the currency is expected to give a low after testing the resistance . Stochastic and Relative Market Index are at overbought levels giving confirmation on the possibility of downside correction for the near term.
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