USD/INR at over 5 month low

USD/INR at over 5 month low on weak global dollar, pair
at 46.85 after hitting 46.82 earlier, lowest level since December 19, vs 47.03 last close. “The opening is an adjustment for the dollar weakness against the euro and other global currencies, the pair may test 46.70 now that 46.90 is broken,” says private-bank dealer; tips 46.70-47.10 band this session. “Further gains will now depend on stock movements, and central bank action. The RBI is unlikely to intervene right now but should cap a sharp gain, it would probably prevent 46.70 being broken,” dealer adds. Notes, “RBI does not seem to be defending levels as much as capping sharp volatility.”