Rupee strengthened against the U.S. dollar as banks scrambled to sell the greenback anticipating inflows from foreign funds and noting the sharp fall in global crude oil prices. However, dollar demand from importers may limit a sharp rise in the Indian unit.
TECH OUTLOOK:
Rupee is seen in the jaws of bear for the day. With the trading range of 43.02-43.20.With good support seen at 43.00 levels and key resistance for the currency is seen at 43.25.But chart pattern gives a caution signal as the currency has given a lower open forming a gap, so the test of day's resistance level cannot be ruled out. Currency is seen trading well below the fast moving averages and is seen resting on the lower Bollingers confirming the bear note.
Rupee is seen in the jaws of bear for the day. With the trading range of 43.02-43.20.With good support seen at 43.00 levels and key resistance for the currency is seen at 43.25.But chart pattern gives a caution signal as the currency has given a lower open forming a gap, so the test of day's resistance level cannot be ruled out. Currency is seen trading well below the fast moving averages and is seen resting on the lower Bollingers confirming the bear note.
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