0411 GMT [Dow Jones] The USD/INR is trading higher as oil importers rush to buy the greenback to meet their month-end payment obligations, says a dealer with a state-run bank. The pair is at 57.09 vs 57.01 late Tuesday in Asia. "The tone may remain biddish if the central bank keeps away from the market as oil demand is strong. Traders will also be looking at closing or liquidating their open positions on the exchanges as per central bank directive which may keep the market active," he says. The RBI had last month closed the arbitrage window by stopping the practice of netting off positions in the future market with those in the OTC market and vice-versa. Traders have until June 30 to meet the requirements. The dealer tips the pair in a 56.90-57.30 range. (nupur.acharya@dowjones.com)
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(END) Dow Jones Newswires
June 27, 2012 00:11 ET (04:11 GMT)
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