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Rupee Breaches 83 Before Paring Losses, Domestic Markets Closed Today

INR

USD/INR breached the 83 handle on Monday as broader greenback trends dominated flows. Gains were pared and the pair finished dealing at 82.9550.

  • Bulls now target the high from 20 Oct at 83.29, bears first look to break the 20-Day EMA (82.5272) to turn the tide.
  • On the wires yesterday July CPI was firmer than expectations, and above the RBIs target band, printing at 7.44% Y/Y. Trade Balance was a deficit of $20.668bn and Wholesale prices fell 1.36% Y/Y in the month.
  • Looking ahead the domestic data calendar is empty for the remainder of the week. A reminder that Indian markets are closed today for the observance of a national holiday.

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