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Larger Than Expected Reduction In India's Trade Deficit Supports Rupee

INR

Spot USD/INR closed at INR82.80, having given away most of its opening gains through the session, with losses accelerating on the release of India's January trade data. USD/INR 1-month NDF last deals -0.06 at INR82.92.

  • India's trade deficit shrank more than expected to $17.750bn last month versus the median estimate of -$23.500bn and December's -$23.766bn. The shortfall narrowed to a one-year low, with a decline in commodity prices helping offset weaker exports weighed on by the global economic slowdown.

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