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FXstreet.com (San Francisco) - USD/INR ended at 49.20 overnight, up from 49.05 at the open, after trading in range between 48.81 and 49.24 intraday. The pair managed to rally on short covering interest and central bank concerns, but then encountered resistance from exporters and FII related inflows, explains Catherine Tan of IFR Markets.

The USD/INR has opened well offered at 49.04 at the start of trading this Wednesday on fresh optimism that Greece's debt restructuring deal will be completed soon, tracking an overall surge in the common currency. A recent spike into the 49.20 area is noted, but the paring is back at opening prices, now threatening to break below 49.00 support.

In the day ahead, USD/INR will continue to take signals from local share markets and developments in the euro zone, Dow Jones reported a dealer with a foreign bank saying. To the downside, supported is noted at 48.64, with resistance seen at 49.50.

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