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Rupee Marginally Pressured In Early Dealing, Mfg PMI On Tap

INR

The Rupee is marginally pressured in early dealing on Tuesday as broader greenback trends dominate flows, USD/INR is up ~0.1% consolidating gains above the 82 handle.

  • In July USD/INR observed a narrow ~1.3% range with moves limited for the most part. The pair found support below 81.60, supply was seen above 82.50.
  • Bulls target the low from 10 July (82.5475), bears first look to break the 20-Day EMA (82.12).
  • India's fiscal deficit widened in June, to INR241,803 Crore from INR76,690 Crore in May. June's Eight Infrastructure Industries grew at 8.2% Y/Y in June, the prior was revised higher to 5.0%.
  • On the wires in just over an hour we have S&P Global Mfg PMI for July, there is no estimate. The prior read was 57.8.
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