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USD/INR Firmer In Early Trade, Industrial Production On Tap


USD/INR has opened at 82.60/70, ~0.2% firmer from yesterday's closing levels. This is line with broader USD gains, seen elsewhere in the region. The INR NEER is off early Feb lows, albeit modestly. We are close to 66.40 (J.P. Morgan Index), versus 65.91 on Feb 2.

  • USD/INR has dealt in a narrow range this week, reflecting broader moves seen in the USD which has been relatively rangebound in recent sessions.
  • Equity outflows continue, with ~$446mn of equities sold by foreign investors in the first half of the week.
  • Technicals remain bullish, bulls look to break high from 7 Feb (82.8) to target 83. Bears first target a break of the 20-Day EMA (82.09)
  • Dec Industrial Production is on the wires today, the Bloomberg survey median estimate is 5.0%. The prior read was 7.1%.

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