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Flat Open Expected Post RBI

INR

Rupee forwards indicate a flat open for USD/INR, 1-month forwards last flat at 72.63. Spot USD/INR moved off session highs heading into the close to finish at 72.345.

  • Markets await GDP data tomorrow, which will also feature 2021 GDP annual estimate and fiscal deficit figures. In the nearer term, RBI Governor Shaktikanta Das will address the Bombay Chamber of Commerce and Industry at 0530GMT/1100IST 11am.
  • Elsewhere Indian PM Modi said the government doesn't wish to stay in a business unnecessarily, and its focus is to "monetize and modernize" its assets. "We announced national asset monetization pipeline with an aim to monetize about 100 assets in sectors such as oil, gas power," Modi said, adding the estimate of investment opportunities in these sectors is INR 2.5tn.

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