The rupee weakened to fresh two-year lows on concerns about capital outflows following upheaval on Wall Street. One-month dollar/rupee futures was firm taking cues from underlying spot market where banks bought dollars anticipating demand from foreign funds. Health of financial markets has become a matter of concern after Lehman Brothers filed for bankruptcy weakening sentiment for share investments. USDINR is highly volatile and is expected to continue its bull rally .With the trading range of 46.10-46.65 levels .Good support is seen at 46.08 and key resistance is seen at 46.75 levels. Stochastic and momentum is only pointing towards a upward rally caution is required as market is at overbought levels.
Tuesday, September 16, 2008
Rupee weakened to fresh two-year lows
The rupee weakened to fresh two-year lows on concerns about capital outflows following upheaval on Wall Street. One-month dollar/rupee futures was firm taking cues from underlying spot market where banks bought dollars anticipating demand from foreign funds. Health of financial markets has become a matter of concern after Lehman Brothers filed for bankruptcy weakening sentiment for share investments. USDINR is highly volatile and is expected to continue its bull rally .With the trading range of 46.10-46.65 levels .Good support is seen at 46.08 and key resistance is seen at 46.75 levels. Stochastic and momentum is only pointing towards a upward rally caution is required as market is at overbought levels.
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