Rupee weakened against the U.S. dollar as banks bought the greenback as local shares fell and spur demand from foreign funds. Expectations of outflows from foreign funds have led the banks to buy dollars as global shares are also down. The rupee's weakness may be limited if the crude oil prices fall to $111
Technical view
USD/INR is seen on a bull note with the trading range expected between 42.75-42.93.With good support seen at 42.72 levels and key resistance is seen at 42.96 levels. Chart pattern hints towards a bull run but the Currency is trying to test upper Bollingers in weekly chart and stochastic is also seen trending up.
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