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Firmer In Early Trade, RBI's Das Says Core Inflation Still Elevated

INR

The Rupee has opened dealing on the front foot as local participants digest yesterday's US PMI print which was softer than forecast.

  • USD/INR prints at 82.45/46, the pair is ~0.3% lower today.
  • Technically bears look to be turning the tide as USD/INR has broken below the 20-Day EMA (82.6766) this morning, from here they target the 200-Day EMA (81.8208). Bulls target the high from 20 October 2022 (83.2975).
  • Reserve Bank of India's Das said on Wednesday that core inflation was still elevated although he expects food prices to start cooling from September, more here.
  • A reminder that the docket is empty for the remainder of the week.

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