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USD/INR Firms Above 83 As Higher Oil Prices Weigh On Rupee

INR

Higher Oil prices and broader USD flows weighed on the Rupee yesterday, USD/INR firmed above the 83 to sit at its highest level since 22 August.

  • In early dealing on Wednesday the pair is little changed, last printing at 83.0250/0350.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears look to target the 20-Day EMA (82.7638).
  • India’s central bank will remain vigilant for the second round effects of inflation, Governor Shaktikanta Das said Tuesday. More here.
  • The domestic data docket is empty for the remainder of the week.

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