Rupee weakened sharply against the US as banks bought dollars noting that crude oil prices had risen to a record high and on expectations of foreign fund outflow from local shares. The sentiment for rupee has weakened after crude oil prices rose by $6 per barrel .
Tech view:
Rupee is expected to trade in the range of 42.75-42.90.With good support seen at 42.72 and key resistance for the currency is seen at 42.96 levels. currency has given a higher open and is seen trading on the moving averages. Stochastic and Relative strength index are hinting towards the bull note to continue for the day.
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