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Weakest Level Since Late Feb

INR

USD/INR prints at 82.84/85, the pair is ~0.2% firmer in early dealing on Tuesday printing its highest level since late February.

  • On Monday INR weakened as the RBI decided to withdraw the 2000 Rupee note from circulation. The bank said that people have until Sep 30 to deposit 2,000 rupee noted into bank accounts or exchange them for other denominations.
  • USD/INR now sits comfortably above its 20- and 200-Day EMAs with a bullish trend firmly in place. Bulls target the high from 20 Oct 2022 at 83.29. Bears first look to breach the 20-Day EMA (82.30) to turn the tide.
  • The domestic data calendar is empty for the remainder of the week.
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