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Rupee Firmer In Early Trade, RBI In View

INR

USD/INR has opened dealing ~0.1% softer printing at 82.55/60 as broader USD trends dominate flows.

  • The pair remains in a technical up-trend, bulls look to target a break of the 83 handle. The RBI intervened in the FX market earlier in the year when we came close to the handle. Bear's immediate focus is on the 20-Day EMA (82.4919), from there they look to target the low from May 4 at 81.6563.
  • Global Investors sold $62.11mn of Indian equities on June 5, this was the first net outflow since late April.
  • The RBI has intensified its operations to remove cash from the banking system as the bank looks to rein in inflation, more here.
  • Tomorrow's RBI monetary policy decision is now in view, the MNI preview is here. The RBI is expected to remain on hold at 6.50%.
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