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Narrow Ranges Persist

INR

USD/INR has opened dealing little changed from Wednesday's closing levels, we sit at 83.19/20.

  • The pair continues to see-saw in a narrow range around the 20-Day EMA (83.1880), there has been little follow through on moves. A 83.00/25 range has persisted for the most part since late September.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is the 83 handle, a break of the handle opens low from 22 Sep (82.8325).
  • The Indian Govt will spend ~INR223bn ($2.7bn) on fertilizers for farmers growing crops such as wheat and rapeseed during the winter season.
  • A reminder that the data docket is empty this week. Looking ahead the next release of note is on 31 Oct which is Sep Fiscal Deficit and Eight Infrastructure Industry Survey.
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