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Firmer On Adani Flows, PMI On Tap

INR

USD/INR has opened dealing ~0.4% softer last printing 82.25/35.

  • Rupee is firming in early trade on reports that offshore investor GQG Partners bought shares in four Adani group firms, link here. GQG is reported to have bought ~$1.9bn worth of shares in four of the Adani companies.
  • USD/INR bears look to target 2023 lows at 80.89. Bulls still look to target a break of 83.00.
  • On the wires today we have S&P Global Services and Composite PMIs. There is no estimate for the print, the prior reads were 57.2 (Services) and 57.5 (Composite).

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