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Strongest Level Since Mid-March, RBI's Das On Tap

INR

USD/INR posted its lowest level since 13 March yesterday at 81.68 before marginally paring losses as broader USD flows dominated yesterday.

  • We sit a touch below yesterday's closing levels in early dealing, USD/INR is down ~0.1% last printing 81.69/72.
  • Bears now target the 200-Day EMA at 81.12. Bulls look to break the high from April 19 at 82.25.
  • Global Investors sold $84mn in Indian equities on Monday and Tuesday this week, bringing the total for April to an inflow of ~$472mn.
  • RBI Governor Das speaks today at a Global Conference on Financial Resilience, the speech will be watched closely for any cues on the banks rate trajectory.
  • The domestic data calendar is empty today, on the wires tomorrow we have the March print of Eight Infrastructure Industries.
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