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Muted Start, Docket Empty This Week

INR

Rupee has opened dealing at 83.17/19, in line with yesterday’s closing levels marking a muted start to Wednesday’s trade.

  • Yesterday USD/INR firmed ~0.2% as post FOMC losses continued to be trimmed, rising Oil prices also weighed on the Rupee.
  • Technically we remain in an up trend, bulls target a break of the 20-Day EMA (83.2775) which opens cycle highs (83.50). On the downside bears look to break the 83 handle to target the 200-Day EMA (82.60).
  • Monday marked the seventh straight day of inflows into Indian Equities as foreign investors bought a net of $215.2mn.
  • A reminder that the data docket is light this week.
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