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Above 20-Day EMA, RBI Minutes On Tap

INR

USD/INR has opened dealing a touch softer, last printing 82.18/22 in line with Wednesday's closing levels.

  • Broader USD trends have dominated this week, USD/INR firmed through the 20-Day EMA (82.17) yesterday and sits a touch off its highest level since early April.
  • Now they have cleared the 20-Day EMA bulls can now target the 83 handle. Bears first look to break the low from 10 April at 81.76.
  • On Tuesday Global Investors sold ~$67mn in Indian equities, this was the first outflow since late March.
  • The RBI Minutes of the April policy meeting where the bank unexpectedly kept interest rates on hold are on tap today.

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