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Muted Start, PMI's Headline Docket

INR

The Rupee has opened dealing little changed from Fridays closing levels at 83.2550/2650 in a muted start to the weeks trade.

  • On Friday USD/INR firmed above the 20-Day EMA, ranges remain narrow with little follow through on moves.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bear's immediate focus is the 83 handle, a break of the handle opens low from 22 Sep (82.8325).
  • Tomorrow the September Fiscal Deficit is released, Eight Infrastructure Survey also crosses. On Wednesday we have S&P Global Mfg PMI, and the Services and Composite components cross on Friday.

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