1109 GMT [Dow Jones] The USD/INR is off the day's high, with some
recovery in the EUR/USD keeping the greenback's gains in check, says a
trader with a privately-run bank. The pair is last at 55.64 vs 55.58
late Monday in Asia. The USD/INR traded between 55.40 and 55.85
through the day. The greenback came off lows after local stocks
finished in positive territory, but demand from oil companies to pay
for month-end import bills offered support. The pair's movements will
be governed by outcomes of central bank meetings in the US and Europe.
But more importantly, the Indian government's action to push reforms
and cut fiscal debt will be a key trigger over the medium term. The
trader tips the pair to trade in a 55.30-55.90 band this week.
(khushita.vasant@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
July 31, 2012 07:09 ET (11:09 GMT)
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