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The government said on Thursday that India will continue to allowthe entry of refinedpalmoil atacheaper tax and would let the import of 51,000 tonnes of cotton duty-free in 2023. Since Indianrefiners typically prefer to import crude palm oil, the tariff reduction made imported refined palmoil profitable for them.

According to Reserve Bank data, India's current account deficit increased from 2.2 percent of GDPin the April–June period to 4.4 percent of GDP in the third quarter due to a larger trade imbalance.

India's external debt decreased by USD 2.3 billion from the end of June 2022 to USD 610.5 billion inthe second quarter of 2022–2023, the finance ministry reported on Thursday. At the end ofSeptember 2022, the external debt to GDP ratio was 19.2%, down from 19.3% at the end of June.

In terms of economic statistics, the Labor Department reported on Thursday that the number ofapplications for unemployment insurance increased to 225,000 in the week ending December 24from the preceding week's figure of 216,000. The result somewhat matched the consensus forecastsof the economists surveyed by Bloomberg.

Following three straight days of advances, the yield on the benchmark 10-year Treasury note in theUnited States dropped 4.7 basis points to 3.839% on Thursday as new applications for joblessbenefits rose

OUTLOOK - USDINR

The 82.84/88 region has continued to be a supply zone, but downside momentum has failedto kick in. This is to be expected, as the expectation is only towards a consolidation with anegative bias rather than a collapse. The 83.25 view appears doubtful know, but we wouldre consider it once above 82.88, and until then, expect slippages to 82.75-82.59.

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