Rupee rose against U.S. dollar as banks sold the greenback after Reserve Bank of India hiked its repo rate 25 basis points to 8% to tame inflation.
Tech View:
Rupee is expected to be trade in the range of 42.72-42.93.With good support seen at 42.66 levels and key resistance is seen at 43.00 levels. Stochastic and Relative Market strength index are giving hints towards the possibility of small downside market correction for the day. And the currency is also seen trading below the fast moving averages supporting the view.
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