Rupee gained to a near two-week high against the dollar as local shares also rose mirroring global indices after the US Federal Reserve left rates unchanged at 2% and said that inflation may moderate this year, boosting sentiment for shares. However, oil companies are likely to purchase dollars around the current levels, which could provide some resistance to rupee's gains .
Tech view:
USD/INR is expected to trade bear note with the trading range expected between 41.90-42.20.With good support seen at 41.85 levels and key resistance for the currency is seen at 42.26 levels. Currency is trading below the moving averages giving a bear note . Stochastic is seen trending down but caution required as currency is seen trading in oversold territory.
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