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USD/INR Edges Away From 79.00​​

INR

Spot USD/INR has backed away from a break above 79.00 for now. We touched 78.98 in early trading, but now sit back at 78.88. This is still above yesterday's highs in the low 78.80 region. Equities opened 1% weaker but have recouped some losses to be at -0.60% last. Lower Brent prices have likely helped at the margin as well. The main driver though, in near term, will likely remain RBI looking to curb the pace of depreciation.

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