Rupee extended weakness against the U.S. dollar as banks bought dollars anticipating foreign funds may liquidate local shares. The rupee also lost ground due to negative cues coming from the equity market and due to month-end payments from oil companies
Tech Outlook:
USD/INR expected to be on a bull run. With the trading range expected between 42.15-42.42.Good support is seen at 42.13 levels and key resistance for the currency is seen at 42.56 levels. Stochastic and Momentum are seen trending up supporting the bull view. Caution is required as the currency is trading below the moving average(42.38) which is seen as the immediate resistance.
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