INR under pressure on local equities sell-off and Greece deadlock
Indian rupee snapped two-consecutive session gains and edged lower against the US dollar on Tuesday as sharp losses in domestic shares combined with heavy dollar demand by oil refiners weighed significantly on rupee. However, RBI jumped in to rescue rupee by selling dollars around 53.30 levels in afternoon trade.At the end, Indian rupee was seen trading at 53.14/15 to the dollar, off its intraday low of 53.32 to the dollar. It had closed at 52.92 to the dollar on Monday.
Indian rupee is likely to extend its losing streak against the US dollar following weakness in Asian currencies and higher yielding currencies in the wake of uncertainty over the political deadlock in Greece. As Greece's leftist candidate for prime minister, Alexis Tsipras said they would reject austerity measures agreed under previous government, sparking fear that debt concern could flare up once again.
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