Forex News USD/INR down sharply on weakness in crude oil prices, expectation for INdia stock gains; at 42.94 vs 43.08 last close and dealer with state-run bank tips 42.90-42.98 band. "Oil is the biggest factor right now with offshore demand and FII flows currently tracking only the direction of oil prices"; adds pair may test 42.80 if 42.90 breaks. "Speculators may drive the dollar down. Oil companies are buying directly from the RBI while importers are staying out due to the high forward premiums," says dealer.
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