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MARKET EYE-USD/INR rises on cbank intervention, importers' demand
June 3, 2014 / 8:43 AM / 4 years ago

MARKET EYE-USD/INR rises on cbank intervention, importers' demand

* USD/INR at 59.2650/2700 compared with its previous
close of 59.1525/1625 after likely intervention from the central
bank and on dollar demand from importers.
* Traders expect the pair to be rangebound, while closely
watching foreign fund inflows into local shares. 
* Earlier, the pair had briefly trimmed gains after the RBI kept
interest rates on hold, but the RBI was spotted buying dollars
through state-owned banks starting around 59.16 rupee levels.
* The market cited little impact from the central bank's move
later to allow banks to equally spread out additional
provisioning on unhedged foreign currency exposure in the
current fiscal year. 
* The pair is seen trading in a 59.20 to 59.40 range during the
session.

 (neha.dasgupta@thomsonreuters.com/;
neha.dasgupta.thomsonreuters.com@reuters.net)

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