The USD/INR is likely to open higher, tracking the greenback's broad strength after Spain's leader indicated that his government will delay a decision on whether to seek a bailout. A dealer with a foreign bank tips the local pair to open at 52.50-52.55 vs 52.40 late Monday in Asia and trade in a 52.35-52.55 band through the session. Local markets were closed Tuesday for a public holiday. The dealer says the pair should continue to trade with a downward bias as investor sentiment towards India has turned after the government's recent economic reforms. However, USD buying from oil importers on lows could slow the INR's rally, he adds. Foreign funds were net buyers of a provisional INR2.08 billion of Indian shares Monday. One-month NDFs are at 52.55/52.88.
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