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Muted Start As Markets Reopen

INR

The Rupee has opened dealing little changed from Friday's closing levels in a muted start to Tuesday's session. Onshore participants are digesting the downtick in US Tsy Yields on Monday, which has moderated a touch in Asia today, and further pressure on Oil.

  • A reminder that local markets were closed yesterday for the observance of a national holiday.
  • The uptrend in USD/INR remains intact, bulls target 10 Nov's cycle high (83.50). A breakthrough here opens 83.9316, a Fibonacci projection. On the downside bears immediate focus is on the 83 handle. The 200-Day EMA comes in at 82.4492.
  • The local docket is empty until Thursday when Q3 GDP crosses. A print of 6.9% Y/Y is expected, the prior read was 8.0%. Also due on Thursday is the October Fiscal Deficit. On Friday we have November S&P Global Mfg PMI.
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