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Rupee Outperforms Asian Peers After RBI's On-Hold Rate Decision

INR

The rupee edged higher during a press conference with RBI Governor Das after the central bank left interest rates unchanged, despite expectations of a 25bp hike. The Governor said that the decision was "a pause and not a pivot" and doubled down on that rhetoric later on, noting that "everyone should take seriously what [he] said."

  • Spot USD/INR sits at INR81.90, a touch lower on the day. Losses past Mar 6 low of INR81.63 would expose the 200-DMA at INR81.24.
  • USD/INR 1-month NDF last seen -0.05 at INR82.03. A break under Mar 6 low of INR81.83 would bring the 200-DMA at INR81.59 into play.

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