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Flat Start, Local Docket Empty Today

INR

The Rupee has opened dealing little changed from yesterday's closing levels. On Tuesday Oil fell ~4.5%, its weakest day since July as weak trade data from China and a firmer USD weighed on Tuesday. WTI briefly dealt below the $77 handle this morning before paring losses, however the spillover to the Rupee is limited thus far.

  • USD/INR sits at 83.26/27.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bear's immediate focus is the 83 handle, a break of the handle opens low from 22 Sep (82.8325).
  • A reminder that the local docket is thin this week with just September Industrial Production due on Friday. There is no estimate and the prior read was 10.3%.

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