Rupee strengthened against U.S. dollar as some banks sold the greenback noting the overnight retreat in the global crude oil prices. The downward movement in crude oil prices has prompted some banks to sell dollars as they are expecting lesser demand from oil companies .Rupee also stayed firm as some banks sold the greenback on hopes of inflows from foreign funds as local shares are seen firm.
TECH VIEW:
Rupee is expected to trade in the range of 42.40-42.72.With good support seen at 42.38 levels and key resistance is seen at 42.76 levels. Stochastic and Relative Market strength index are giving indication for the currency to be on a bull note for the day but the currency is seen trading on the fast moving averages only crossovers can give confirmation on the trend.
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