Rupee strengthened against the U.S. dollar because some banks sold the greenback anticipating inflows from foreign funds on views that local shares may rise. The positive stocks overseas have triggered selling . However, mild dollar demand from importers prevented a sharp rise in Indian unit.
Tech Outlook
USDINR open on a lower note and is expected to trade in the range of 46.10-46.40.With good support seen at 46.05 levels break of which will see rupee below 46 and key resistance is seen at 46.45 levels. Currency is seen trading below the moving averages and stochastic is giving correction from the overbought area.
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