February 3, 2014 / 7:18 AM / 4 years ago

MARKET EYE-USD/INR moves higher; state-run banks bid, ref rate covering

* USD/INR turns marginally higher as state-run banks
seen buying dollar likely to meet defence needs, foreign banks
cover ahead of RBI's reference rate setting.
* "There was some initial front-running on the mobile auction
payment-related inflows that are expected in the next few days.
However, subsequently dollar demand rose," says dealer.
* The pair at 62.69/70 versus its close of 62.68/69, after
easing to 62.5625 in early session, technical resistance seen at
62.70.
* The index of the dollar versus six majors currencies
trading down 0.11 percent.
* Local shares down 0.8 pct.
* The euro licked its wounds near a 10-week low against the
dollar on Monday after soft euro zone inflation data rekindled
speculation the European Central Bank may ease policy to stave
off deflation. 

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

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