Contrary to expectations, Indian rupee weakened against the U.S dollar , as banks bought dollars noting its strength against most Asian currencies. Currency weakened after a finance ministry official said the government did not plan to raise limits on firms' overseas borrowing, which led traders to cover short dollar positions.
Tech Outlook:
USD/INR is expected to trade on a bull note with the trading range expected between 42.20-42.35.With good support seen at 42.15 levels and key resistance for the currency is seen at 42.42 levels. Currency is trading above the moving averages giving a bullish signal and stochastic is also supporting the bull note. Caution is required as it has already tested upper Band levels.
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