1053 GMT [Dow Jones] The USD/INR is higher, supported by weak local
stocks, while the EUR's slide against the greenback weighs on the
local currency. The USD/INR is at 55.25 vs 55.14 late Friday in Asia.
A dealer with a state-run bank says the pair is likely to remain
rangebound ahead of Bernanke's testimony to the U.S. Congress later
Tuesday and Wednesday. Any hint of QE3 from Bernanke could pull the
pair down to 54.00, he says. On the other hand, USD demand from oil
importers will increase as month-end approaches, putting upward
pressure on the pair, he adds. He tips resistance for the pair at
55.50. The Sensex ends down 0.2%. (sudeep.jain@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
July 16, 2012 06:53 ET (10:53 GMT)
No comments:
Post a Comment