The USD/INR turns higher after hitting its lowest level in a week at 55.25 as local stock markets trade in negative territory. Oil companies' dollar demand also lends support. Worries over euro zone's debt problems persist with Italy in focus now. The pair was last quoted at 55.50 vs 55.39 late in Asia on Tuesday. It slipped to the day's low of 55.25 as a foreign bank was suspected of selling around $250 million-$300 million on behalf of an overseas firm, two foreign bank traders say. Players will likely focus on India's May industrial production data due Thursday for potential trading cues. Weak growth could hurt the INR. The pair is tipped to stay in a 54.80-56.00 range for the rest of this week.
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