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USDINR drops 0.6%

INDIA

Decent move lower in USDINR, dropping 0.6% since 7.30BST.

  • There hasn't been any new headlines or catalyst to explain the drop lower, with on the margin better USD buying.
  • Small better USD buying during our European open, albeit within range, keeping Gold offered.
  • USD test high against CAD, IDR, MYR, SGD, CZK.
  • Despite the small bid, USD remains mixed versus G10, with all the market participants awaiting on Fed Powell at 14.10BST.
  • USDINR is back above 74.00, after printing 73.8763 low.
  • Further momentum would target the 13/03 low at 73.7975

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