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Firmer At The Open, Thin Data Calendar in Week Ahead

INR

USD/INR has opened dealing at 80.91/81.00, down ~0.2% from Friday's closing levels. We are at slightly firmer levels now, last near 81.05.

  • Broad based USD weakness has weighed on the pair, which is a touch above its lowest level since mid-November.
  • Equity and bond flow momentum looked to remain positive through the tail end of last week. Local equities are tracking higher, but remain comfortably below 2022 highs.
  • Like elsewhere in the region, RBI's FX reserves continue to recover, rising to a five-month high, up $10.4bn in the week ending Jan 13.
  • With the INR strengthening the bearish trend continues. Bears can now target the 200-day EMA at 80.11, bulls look to break 100-day EMA at 81.47 to turn the tide.
  • There is no domestic data on the wires this week.
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