Rupee slipped today with banks covering their short dollar positions anticipating demand from foreign institutional investors as local shares are seen weak. Shares were are seen mirroring the fall in overseas equity indices However dollar sales from exporters checked a sharp fall in the Indian unit around 42.55-42.60
Tech View:
Rupee is expected to be on a narrow trade for the day with the trading range of 42.40-42.65.With good support seen at 42.38 levels and key resistance is seen at 42.70 levels. Stochastic and Relative Market strength index are giving indication for the currency to be on a bull note for the day. But it can be confirmed only if the currency breaks above the fast moving averages.
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