Not much that happened overnight as majors traded in a narrow range. Today we have a couple of BOE members speaking which can move cable along with ECB’s Coeure and a couple of FED speakers in the night. Markets would await Yellen’s testimony tomorrow which could fuel a further rise in yields.
USDINR traded with an INR appreciation tone as markets talk about inflows and debt investments continued. Other EM currencies supported the lower move but we have seen nationalized banks on bids as well. USDINR NDF 1m still does not show any significant offshore selling pressure. Broad range for USDINR suggests that the bottom could be near 64.40-64.45. CMP 64.48, Range 64.40-64.55.
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