Rupee pared losses against the greenback on dollar sales from state-run banks presumably on behalf of Reserve Bank of India. Indian unit is unlikely to fall sharply below the 43 per $1 mark today unless dollar selling from exporters subsides. Local share market opened weak tailing losses in global share indices and on fears of inflation rising further following hike in fuel prices.
TECH VIEW:
Rupee is expected to trade in the range of 42.80-43.00.With good support seen at 42.75 levels and key resistance is seen at 43.06 levels. Stochastic and Relative Market strength index are giving indication for the currency to be on a bull note for the day and the currency is seen trading above the fast moving averages giving confirmation on the bull note.
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