The USD/INR is trading near its intraday low despite weak local stocks. The pair is at 55.35 after touching the day's low at 55.25 vs 55.39 late Tuesday in Asia. A dealer with a state-run bank says trade has been relatively quiet after a large inflow in the morning session. He says the pair is biased downwards despite the support from oil and gold importers, as the EUR/USD appears to have found a bottom and is poised for a rebound. Traders will focus on India's May industrial output data due Thursday; a weak reading may spur buying in local stocks on hopes of a RBI rate cut. He tips support for the pair at 55.30, then 54.75. The Sensex ends down 0.7%.
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