Indian rupee appreciated against the dollar after the Reserve Bank of India raised the repo rate to 8.5 percent from the current 8.0 percent with immediate effect. Further the bank also hiked the Cash Reserve Ratio to tame the inflation.
Tech View:
Rupee is expected to give a small downside correction after a week of range bound move .It is expected to trade in the range of 42.78-42.94.With good support seen at 42.72 and key resistance for the currency is seen at 42.98.Currency has breached the fast Moving averages and is trying to test the lower Bollingers.
No comments:
Post a Comment