Rupee weakened by spurt in dollar sales by a state-owned bank . currency fell sharply in opening trades after the surge in crude oil prices and weakness in share indices across the world which prompted local banks to buy dollars expecting strong follow through demand from oil companies and foreign funds.
Tech view:
Rupee is expected to be trade in the range of 42.78-43.02.With good support seen at 42.70 levels and key resistance is seen at 43.06 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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