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Little Changed In Early Trade, RBI In Focus

INR

USD/INR has opened dealing at 82.65/75, little changed from yesterday's closing levels.

  • The pair has continued to firm in recent dealing, up ~0.4% this week. Broader USD strength has aiding the bid after a strong NFP print last Friday.
  • Recent equity outflows are continuing but are showing signs of slowing. ~$155mn net was sold by foreign investors on Friday and Monday, the previous 4 days a net of ~$1.4bn had been sold.
  • USD/INR is now at its highest level since 6 Jan. The cross is dealing above all its key EMAs, bulls next target is 83 handle. Bears first look to sustain a break of 20-Day EMA which comes in at 81.99 to turn the tide.
  • The RBIs monetary policy decision is on the wires today. The bank is forecast to increase the repurchase rate by 25bps to 6.5%, although more focus may rest on whether the central bank shifts to a neutral stance (see this link for our full preview).
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