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Rupee Firms After Oil Slides, Services PMI On Tap

INR

USD/INR prints at 81.77/79, the pair is down ~0.1% in early dealing on Wednesday.

  • A 5% fall in WTI Crude futures yesterday as concerns grow about the US economy have aided the rupee today.
  • The pair continues to consolidate below the 20-Day EMA, bears look to target 200-Day EMA (81.14). Bulls first look to break the 20-Day EMA at 82.00.
  • Strong equity inflows through April have helped support the INR, the total for the month was $1,923mn. The total year to date is an outflow still of $559.51mn, see the chart below, albeit with an improving trend.
  • On the wires today we have S&P Global Services & Composite PMI's for April, there is no estimate for the prints. The prior prints were Services (57.8) and Composite (58.4).
Fig 1: Year To Date Equity Flow


Source: MNI/Bloomberg

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