Forex - India Flows: Rupee recovers as equities return to gains


 04:36 (GMT) 07 Dec

  [Forex Flows]

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India Flows: Rupee recovers as equities return to gains (0101-GMWJ-C01)

USD/INR onshore spot gapped lower to open at 70.5500 on Friday vs. previous close of 70.9000, and after a short-lived break above the key 71 handle on Thursday. Equities returned to gains after closing in red for five consecutive days, and SENSEX was last seen in gains of over 0.4%. Oil prices also remained near recent lows as OPEC talks ended without any concrete production cut announcements. Investors will be eying the November inflation data scheduled next week, and we continue to see a host of resistances above the 71 handle strong enough to shield rupee losses. 1M NDFs meanwhile traded near lows of 70.7500 on Friday morning after breaking above the 71 handle the previous day.


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