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India cumulative monsoon rainfall 6% below normal as of 12 Sep

India’s Jul industrial production rises 11.5% y/y; est +10.1%

India’s forex reserves hit record high, having jumped for the second straight session to $642.45 billion as of 3rd Sep, from $633.56 billion in the previous week.

The US dollar index which tracks the dollar against a basket of its peers, bounced back from 92.33 on Friday to 92.68

OUTLOOK - USDINR

A push higher is expected early in the day, but favoured view expects such attempts to find selling pressure at 73.70 followed by a turn lower towards 73.47. Alternatively, direct rise above 73.70 region could call for 74.1-74.22, whose prospects look low at this moment.

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