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Rupee Marginally Firmer In Early Dealing, GDP Headlines Week's Docket

INR

The Rupee is a touch firmer in early dealing this morning, broader USD trends are dominating flows however ranges remain narrow.

  • USD/INR sits at 82.57/58 ~0.1% lower this morning. The pair fell ~0.5% last week the largest weekly fall since early July.
  • Technically bears look to be turning the tide as USD/INR now sits below the 20-Day EMA (82.6768), from here they target the 200-Day EMA (81.8380). Bulls target the high from 20 October 2022 (83.2975).
  • India, the world’s biggest exporter of rice, imposed more curbs on shipments of the grain in a move that’s likely to further squeeze global supplies. More here.
  • On Thursday Q2 GDP crosses an uptick to 7.8% Y/Y from 6.1% is expected. S&P Global Mfg PMI for August rounds off the docket on Friday.

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