Rupee had touched 41.83 per $1 after local shares opened about 1% up and as global crude oil prices eased below $125 a barrel . Currency trimmed gains as banks bought dollars noting the decline in local shares
Tech Outlook:
USD/INR expected to trade mixed for the day with the trading range of 41.75-42.10 levels. Good support is seen at 41.72 and key resistance for the currency is seen at 42.20 levels. Currency has already tested the Lower Band level and is expected to rise and test 42.07 levels for the day .If the market sustains above 42.07 levels then 42.20 is expected for the day. Stochastic in oversold territory gives a nod to bullish view.
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