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Muted Start, Narrow Ranges Persisting

INR

The Rupee has opened a touch below Tuesday's closing levels, USD/INR remains well within the recent range as narrow ranges continue to persist.

  • USD/INR sits at 83.2250/2350, the pair has been dealing in a narrow range between the 20-Day EMA (83.18) and 83.28 handle.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is the 20-Day EMA, a break through here opens the 83 handle.
  • A reminder that the local data docket is empty until 31 October when September Fiscal Deficit and Sep Eight Infrastructure Industries cross.

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