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Rupee Firms As US Yields Fall

INR

The Rupee has opened dealing a touch firmer as onshore participants digest falling US Tsy Yields after Wednesday's FOMC decision to leave rates on hold.

  • USD/INR is testing the 20-Day EMA (83.2148) this morning, the pair is ~0.1% below yesterday's closing levels.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bear's immediate focus is the 83 handle, a break of the handle opens low from 22 Sep (82.8325).
  • A reminder that yesterday October S&P Global Mfg PMI fell to 55.5 from 57.5 in September.
  • Looking ahead due tomorrow we have the Services & Composite PMI components cross.

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