Rupee strengthened against U.S. dollar as banks sold the greenback following Reserve Bank of India Governor Y.V. Reddy's comment the central bank will utilize foreign exchange reserves for managing "the oil shock".Sentiment has improved slightly for the rupee after the comments from RBI.
Tech View:
Rupee is expected to be trade in the range of 42.58-42.90.With good support seen at 42.51 levels and key resistance is seen at 42.96 levels. Stochastic and Relative Market strength index are hinting towards the possibility of a slight market correction but an element of caution is required as the currency is seen trading well above the fast moving averages .
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