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MARKET EYE-USD/INR likely to hit record high, breach 59.50; RBI may step in
June 20, 2013 / 3:07 AM / 4 years ago

MARKET EYE-USD/INR likely to hit record high, breach 59.50; RBI may step in

* USD/INR headed to a record high at open breaching 59, tailing 
fall in Asian currencies. The pair ended at 58.71/72 on
Wednesday.
* Dealers expect RBI to step in to support rupee if the slide is
sharp.
* Private bank dealer expects open around 59.50 and expects some
RBI intervention in volatile trade.
* Most Asian currencies trading weaker against USD. See
    
* Foreign funds sold $92.78 million in equities on Wednesday,
provisional exchange data showed. They again turned sellers in
rupee-debt, selling $99.89 million on Tuesday. 
* USD/INR 1-month NDFs surge after Fed, closed NY trade at
59.95-00.
* SGX Nifty futures down 1.2 percent, while broader MSCI
ex-Japan down 2.76 pct.
* U.S. dollar firm in Asia, having posted its best one-day gain
in over a month after Fed confirmed that it would begin to dial
down stimulus this year if the economy continued to recover as
it expected. 

 (subhadip.sircar@thomsonreuters.com/;
subhadip.sircar.thomsonreuters.com@reuters.net)

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