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Flat Start, GDP Due Tomorrow

INR

The Rupee has opened dealing little changed from Tuesday's closing levels.

  • USD/INR prints at 82.68/70, ranges in the pair remain narrow and moves have had little follow through in recent dealing. We sit on the 20-Day EMA (82.6844) and well within the August range.
  • Bears look to target the 200-Day EMA (81.8555). Bulls target the high from 20 October 2022 (83.2975).
  • India has cut cooking gas prices to soften the impact of rising inflation on household expenses as the nation heads into seasonal festivals and key elections. More here.
  • Q2 GDP is due tomorrow, an uptick to 7.8% Y/Y from 6.1% is expected. Also on the wires tomorrow is the July Fiscal Deficit and Eight Infrastructure Industries Index.
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