Weekly Currencies Fundamental Report – 18 August 2023

USDINR: In the holiday shortened last week, the Indian Rupee raded in a range bound manner with a slight weaker bias on account of opportunistic dollar buying by importers and banks at lower levels. Apart from this, India’s retail inflation in July’23 soared to 7.44% from Q1’s average of 4.6% (April to June), exceeding the monthly consensus of 6.4%.