2012.06.04 06:15:52 MARKET TALK: USD/INR Edges Down; 55.40 Support Tipped - Trader

0415 GMT [Dow Jones] The USD/INR steadily inches lower, mirroring the sharp recovery in the EUR/USD over the weekend, and some consolidation in the local pair after its swift rise over the past couple of weeks on poor risk mood, dealers say. The USD/INR is quoted at 55.45 vs 55.54 late Friday in Asia. Dealers say three foreign banks sell the greenback within minutes of the market's open, while not ruling out capital inflows. But, "the rupee is somewhat decoupled from the global move in currencies because of a weak situation on the balance of payments and current account," a trader with a state-run bank; "while it may be against the tide today, this doesn't mean the rupee will see a level below 55.00 to a dollar soon." He tips the pair in a 55.40-56.20 band for the session. The Sensex is down 1.3%. (khushita.vasant@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires June 04, 2012 00:15 ET (04:15 GMT)