The USD/INR continues to trade off lows following the RBI's decision to leave rates unchanged and as the EUR/USD gives up some of its gains. The pair is at 53.95 vs an intraday low of 53.66 and 54.30 late Friday in Asia. A dealer with a foreign bank doesn't see short-term gains for the pair as he expects selling from exporters to pick up in coming sessions on the back of QE3 and the Indian government's economic reforms. "So far, most of the selling has come from funds and banks. Once corporates come in, there will be further downward pressure on the pair," he says. He tips next support at 53.50. The Sensex ends +0.4% provisionally.
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