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Steady Start, Services & Composite PMIs On Tap

INR

The Rupee has opened dealing a touch below yesterday’s closing levels however ranges are narrow. Onshore participants are digesting yesterday's uptick in US Tsy Yields as 2024 rate cut expectations were wound back.

  • USD/INR prints at 83.38/40.
  • The pair continues to see-saw around the 20-Day EMA (83.31) as moves have little follow through. The uptrend in USD/INR remains intact, bulls target 10 Nov's cycle high (83.50). A breakthrough here opens 83.9316, a Fibonacci projection. On the downside bears immediate focus is on the 83 handle. The 200-Day EMA comes in at 82.4929.
  • On the wires today we have November S&P Global Services and Composite PMIs. There is no estimate for either print and the prior read for both measures were 58.4.
  • A reminder that on Friday the latest monetary policy decision from the RBI is due.

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