USD/INR OFF HIGHS, RESISTANCE AT 53.25
DATE: 03/05/2012
One of the largest state-run banks seen selling, sparking some talk of RBI, but dealers say that the lender has also been buying USD to meet custodian demands. Traders say state-run oil refiners continue to buy dollars, corporate demand also seen.
Near-term resistance for USD/INR seen at 53.25, the top of the channel from the gains since early March. Dec 29 high of 53.52 marks next resistance, dealers say.
POWERED BY: THE ECONOMIC NEWS
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