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Weaker Start, Rupee Weakens On Monday

INR

The Rupee was pressured on Monday as rising US Tsy Yields and concerns over rising Oil prices weighed. USD/INR rose ~0.3% and finished dealing above the 83 handle albeit well within recent ranges.

  • USD/INR has opened dealing ~0.1% above closing levels as the Rupee weakens in early trade. The pair last prints at 82.20/22
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is the 83 handle and the 20-Day EMA (82.9852).
  • Data wise the docket is empty until Friday when the August Fiscal Deficit and Eight Infrastructure Industries survey crosses.

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