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USD/INR Consolidating Above 83, Fiscal Deficit On Tap

INR

The Rupee has opened dealing a touch firmer on Friday as broad based greenback flows dominate in early trade. USD/INR sits at 83.10/11.

  • Yesterday USD/INR continued to consolidate recent gains above the 83 handle, ranges were narrow and there was little follow through on moves.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is the 83 handle which intersects with the 20-Day EMA (83.05).
  • On tap today we have the August Fiscal Deficit, there is no estimate. Also due is the Eight Infrastructure Industries survey.
  • Looking ahead, the highlight of next week's docket is the latest monetary policy decision from the RBI, there is no change to policy expected.

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