Rupee was marginally up against the greenback as some banks sold dollars noting the overnight retreat in global crude oil prices .Easing crude prices could comfort oil companies and reduce dollar demand from them,However, most banks will be deterred from going overly long on dollars on expectations of dollar sales from government-owned banks on behalf of Reserve Bank of India.
Tech View:
Rupee is expected to be trade in the range of 42.85-43.08.With good support seen at 42.78 levels and key resistance is seen at 43.15 levels. Stochastic and Relative Market strength index are supporting a bull run in the currency. Indian unit is also seen trading well above the fast moving averages and is expected to test the upper Bollingers.
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