August 5, 2013 / 3:27 AM / 4 years ago

MARKET EYE-USD/INR likely lower; RBI action watched

* USD/INR likely to open lower, tracking global losses in the
dollar, say dealers. The pair may open around 61.05 versus
61.10/11 Friday close.
* Dealers expect the rupee to move in the 60.80 to 61.50 to the
dollar range.
* Possible RBI intervention will be watched as the rupee is
hovering close to its lifetime low of 61.21 seen on July 8.
* Dealers will watch the monsoon session of parliament, due to
start on Monday, with important legislations such as the food
security bill pending.
* USD/INR 1-month NDF closed at 61.47-50 with volumes remaining
high.
* The dollar fell against the euro and the yen on Friday as weak
signals on the U.S. labor market lessened expectations that the
Federal Reserve would start reducing its bond purchases in the
near term.  

 (archana.narayanan@thomsonreuters.com/archana.narayanan.thomson
reuters.com@reuters.net)

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