USD/INR At Over 5-Month Low; 52.10 Floor - Dealer

The USD/INR reverses its opening gains and is now at its lowest level in over five-months; the pair is at 52.27 after opening at 52.55 vs 52.40 late Monday in Asia. A dealer with a private bank says some early inflows have pulled the pair lower, offsetting the greenback's broad strength. As the pair has broken a strong support at 52.50, he eyes 52.10 as the next floor. With more foreign intuitions eager to get in on the INR's rally before it stabilizes, the downward pressure on the pair is likely to continue. "A number of foreign banks have issued bullish rupee calls, so sentiment has clearly reversed," he says. The Sensex is +0.2%.