FXstreet.com (Barcelona) - Ongoing global and domestic uncertainty will continue to put pressure on the Indian rupee, says Claudio Piron, strategist at Bank of America Merrill Lynch. "The USD/INR has been sitting around the 56.00 handle for the past few sessions as foreign institutional investor flows picks up. Investors are hopeful that there's a rate cut in the offing, and expect outperformancne of its bonds. But the Reserve Bank of India's move to sell net forwards instead of intervening in the spot market indicates a reluctance to deplete its FX reserves and "a bias toward INR weakness," Piron said. The analyst expects USDINR to move up to 57 by end of this quarter.