The rupee weakened , weighed down by near record global oil prices which may intensify foreign fund selling in local stocks.
Tech note:
Rupee is expected to give a range bound movement for the day With the trading range of 42.75-42.95.With good support seen at 42.70 levels and key resistance is seen at 43.00 levels. Stochastic and Relative Market strength index are trending up but an element of caution required as it is seen in overbought levels. Bollingers indicates a tight range for the currency.
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