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Muted Start, Reports RBI Sold USD On Thursday

INR

USD/INR has opened dealing little changed from Thursday's closing levels in a muted start to today's session.

  • The pair printed its highest level since late May yesterday before paring gains. Reuters have reported that the RBI sold USD on Thursday to cap gains in the pair, more here.
  • Technically USD/INR remains in a strong uptrend, bulls look to breach yesterdays highs (82.8125). Bears focus on the 20-Day EMA (82.27) to turn the tide.
  • July S&P Global Services PMI printed at 62.3 yesterday ticking higher from 58.5 in June, this is the strongest reading in the measure on record.
  • Looking ahead, the latest RBI monetary policy decision is due next week, no change to policy is expected.

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