2012.05.02 05:19:00 MARKET TALK: USD/INR Likely To Open Down; 52.40-52.80 Band Tipped

0318 GMT [Dow Jones] The USD/INR is likely to open lower as local stocks are expected to rise, tracking gains in U.S. stocks on better-than-expected manufacturing data Tuesday and Asian equities so far, says a dealer with a privately-run bank. The pair may open at around 52.65-52.70, compared to 52.73 in late Asia trade on Monday. Markets were shut on Tuesday for a public holiday. "A positive opening for stocks may aid risk appetite though the eurozone remains a sticky spot, capping any major gains in the local currency." The stock market may provide trading cues as dollar demand from oil importers is likely to fade out in the session; he says the next major data release is U.S. nonfarm payrolls for April, due Friday. He tips the pair to trade in a 52.40-52.80 band for the session. Foreign funds were net buyers of a provisional INR4.80 billion worth of shares on Monday. 1-month NDFs are quoting at 52.93/52.96. (nupur.acharya@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires May 01, 2012 23:19 ET (03:19 GMT)