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Rupee Firmer In Early Dealing, Services & Composite PMI On Tap, RBI In View

INR

Onshore markets have re-opened today after being closed yesterday for the observance of a national holiday. USD/INR is ~0.3% softer catching up with the wider moves seen on Tuesday as US Treasury Yields ticked lower.

  • USD/INR prints at 82.05/10, bears look to target the 200-Day EMA at 82.04. Bulls look to target the 83 handle, however they will first need to clear the 20-Day EMA (82.35).
  • On the wires today we have S&P Global Services and Composite PMIs for March. There are no estimates for either number, Services prior read was 59.4 and the Composite's prior read was 59.0.
  • However, the main focus for India is tomorrow's RBI Monetary Policy decision. The bank is forecast to raise the repurchase rate 25bps to 6.75%, our full preview will be out shortly.

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