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Firmer In Early Trade, Das Comments On Inflation, Wholesale Prices On Tap

INR

USD/INR has opened dealing ~0.1% softer today, last printing at 82.25/30.

  • The pair is consolidating below the 20-day EMA, however ranges do remain narrow.
  • Bears look to target low from May 4 at 81.6563. Bulls look to target a break of the 83 handle, the last test of 83 saw the RBI intervene in the FX market.
  • RBI's Das noted yesterday that the disinflation process is likely to be slow and protracted. Also noting that the bank may meet its 4% target only in the medium term. More here.
  • On the wires today we have May Wholesale Prices, a fall of 2.50% Y/Y is expected.

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