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Firmer Start For Rupee, RBI In View

INR

USD/INR has opened dealing ~0.1% softer printing at 82.55/57 the pair has pared some of Monday’s losses as broader USD trends dominate.

  • The pair remains in a technical up-trend, bulls look to target a break of the 83 handle. The RBI intervened in the FX market earlier in the year when we came close to the handle.
  • Bear's immediate focus is on the 20-Day EMA (82.4714), from there they look to target the low from May 4 at 81.6563.
  • Foreign Investors bought a net of $78.1mn of Indian equities on June 2, this was the 26th straight day of equity inflows.
  • On the wires yesterday S&P Global Services PMI for May printed at 61.2 ticking lower from the prior read of 62.0 which was the cycle high of the index. Composite PMI held steady at 61.6.
  • Looking ahead, the RBIs latest monetary policy decision on Thursday headlines the week data-wise. The bank is forecast to hold the Repurchase Rate steady at 6.50%.
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