The Rupee quoted low against the dollar following weak Asian currencies and selling of the dollar by banks. The U.S. currency gained the most versus majors in more than three months as traders added to bets the Federal Reserve will boost interest rates this year after a government report showed the U.S. lost fewer jobs than expected in May.
Technical Outlook:
USDINR is expected to trade in a narrow trade for the day. With the trading range between 47.10-47.40 levels for the day. Good support is seen at 47.02 levels and key resistance is seen at 47.50 levels. Stochastic is trending up and the currency is seen trading above the moving averages but tight bollingers shows a narrow trade.
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