Published at 09:19 (GMT) 23 Jul

USDINR

USD/INR extended its intraday rally to 55.95 highs, gaining 1.0% on the day as EUR was weighed by record high yields. Modest offers by local corporates hindered a break into the 56 handle, with RBI also expected to step-up defense at further upmove. Expect late-month importers and oilers to also provide support to the pair this week. EUR/INR meanwhile bounced off Friday's lows. SENSEX traded down 1.5% at last indication. Meanwhile, shares of Reliance Communications tumbled after it shelved plans of an initial public offering by its undersea cable unit (Mint). The IPO was expected to raise USD 1bn through a listing in Singapore, with the proceeds to be used to plug the company's debt burden. RR