MUMBAI: The USD/INR continues to remain well bid at 53.20/21, but is off earlier intraday high of 53.28. One of the largest state-run banks is seen selling, sparking some talk of RBI, but dealers say that the lender has also been buying USD to meet custodian demands.

Traders say state-run oil refiners continue to buy dollars, corporate demand is also seen.

Near-term resistance for USD/INR is seen at 53.25, the top of the channel from the gains since early March. The Dec 29 high of 53.52 marks next resistance, dealers say. AGENCIES