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Rupee Marginally Weaker In Early Dealing, RBI On Tap

INR

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

  • Ranges have been narrow in recent dealing, the pair has see-sawed around the 20-Day EMA (82.49) with little follow through.
  • 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. Bears look to target the low from May 4 at 81.6563.
  • On 6 June Global Investors bought $134.48mn in local equities. The NSE Nifty 50 sits a touch off its all time peak which was registered in December (18887.59), the index closed at 18726.40 yesterday.
  • The RBI's monetary policy decision crosses in around 45 minutes, the bank is expected to hold rates steady at 6.50%. Focus is likely to be on the statement and the policy stance. our bias rests with it being too early for the RBI to shift to neutral (see the full preview here).
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