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Marginally Firmer Start, Q2 GDP On Tap

INR

The Rupee has opened dealing marginally firmer on Thursday, USD/INR is down ~0.1% and last prints at 82.6750/82.68

  • The pair was little changed yesterday as narrow ranges continue to persist, see-sawing around the 20-Day EMA (82.6868).
  • Bears look to target the 200-Day EMA (81.8640). Bulls target the high from 20 October 2022 (83.2975).
  • Q2 GDP is on the wires today, a rise of 7.8% Y/Y is expected this is the largest increase since Q2 2022 with growth ticking higher from 6.1% in Q1. Economists say lower commodity prices helped manufacturers increase margins and offset the impact of 250 basis points of cumulative interest rate increases since May 2022. More here.
  • Also due today is the July Fiscal Deficit and Eight Infrastructure Industries Growth Rate.
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