Rupee trimmed early gains against the dollar after importers stepped in to buy the greenback. There seems to be some buying from foreign banks below 42 per $1 levels. Rupee may take further cues from the movement in the local share markets.
Tech Outlook:
USD/INR is expected to trade mixed 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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