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Rupee Weakens In Early Dealing, Services PMI Falls In June

INR

The Rupee has weakened in early dealing, as higher US Tsy Yields weigh. USD/INR is up ~0.2%, and prints its highest level since 13 June.

  • USD/INR has firmed above the 20-Day EMA (82.17) and last prints at 82.42/43.
  • Bulls target a break of the high from May 23 (82.8475) which opens the 83 handle, a level at which the RBI intervened in February. Bears immediate focus is on the 20-Day EMA.
  • S&P Global Services PMI ticked lower in June to 58.5 from 61.2 in May, the measure remains comfortably in expansionary territory. Junes Composite PMI printed at 59.4, the prior read was 61.6.
  • Looking ahead the data calendar is empty for the remainder of the week.
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