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Muted Start, Narrow Ranges Persisting

INR

The Rupee has opened dealing little changed from yesterday's closing levels in a muted start to Thursday's, USD/INR sits at 83.26/27.

  • Narrow ranges continue to persist, the 20-Day EMA (83.1964) is providing support which rallies are capped ahead of 83.30.
  • 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.
  • Equity Outflows by Foreign Investors have stabilised in recent sessions, the net outflow for October to the 17th now sits at $814mn.
  • 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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