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Muted Start, Trade Balance On Tap

INR

The Rupee has opened dealing little changed from Thursday's closing levels in a muted start to today's trade.

  • On Thursday USD/INR firmed above the 83 handle as broader USD trends dominated flows closing at its highest level of the week.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is on a break of the 20-Day EMA (82.88).
  • A reminder that yesterday August Wholesale Prices fell less than expected. A fall of 0.52% was recorded against an estimate of 0.60%.
  • On the wires today we have August Trade Balance, a deficit of $21bn is expected.

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