July 16, 2012 / 10:09 AM / in 5 years

MARKET EYE-USD/INR gains tracking weak local shares, euro

* USD/INR erases earlier falls to gain to 55.24/25 versus its
previous close of 55.14/15, tracking losses in domestic shares,
while the euro falters against the dollar and drops to a
six-week low against the yen.
* Traders say demand from oil firms also helping the dollar.
* USD/INR is expected to see resistance at 55.30-55.37, as
exporters are expected to come in at those levels to sell
dollars, traders say.
* India's BSE index falls 0.7 percent, as split views
emerge about whether the RBI will cut rates at its July 31
meeting as June headline inflation fell but core inflation
remained steady from May. 
* The euro falters on concerns about euro zone debt and high
peripheral bond yields. 

 (swati.bhat@thomsonreuters.com/;
swati.bhat.thomsonreuters.com@reuters.net)

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