Rupee weakened against U.S. dollar as some banks bought dollars for importers amid lack of major selling interest .oil companies are expected to add to dollar buying which could weaken rupee further.
Tech view:
Rupee is expected to trade in the range of 42.70-42.96.With good support seen at 42.58 levels. Key resistance for the currency is seen at 43.06 levels. Currency is expected to be on a bullish note as Stochastic and Relative Market Strength are hinting towards the bullish move and the currency is also seen trading above the fast moving average and trying to test the upper Bollingers in Band Analysis
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