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Narrow Ranges Persisting, Current Account Deficit Narrows

INR

USD/INR is marginally softer in early dealing on Tuesday, consolidating below 82 as narrow ranges continue to persist.

  • On the downside bears target the 200-Day EMA at 81.50. Bulls look to break the 20-Day EMA (82.19) to turn the tide.
  • India’s current account deficit in the January-March quarter narrowed further as the South Asian nation’s trade balance improved on falling commodity prices and booming services sector exports. The deficit was $1.3b, or 0.2% of gross domestic product, the central bank said in a statement Tuesday.
  • Looking ahead; May's Eight Infrastructure Industries survey is due on Friday as is the May Fiscal Deficit.
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