Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INR
Spot USD/INR has broken through 82.00 to fresh record lows. We were last at 82.29, +0.50% for the session so far. INR weakness continues on a NEER basis. The J.P Morgan INR NEER was down a further 0.47% on Thursday. The index is now 1.85% off late September highs.
- USD/INR first got close to 82.00 in late September (28th), so resistance to fresh weakness has not lasted that long (a little over a week). In contrast we first probed above 80.00 near the middle of July but didn't make a definitive break above this level until the 22nd of September, see the chart below.
- Implied vols are pushing higher, but not dramatically so. The 1 month is at 7.30%, below late September highs close to 8%.
- The domestic data calendar is quiet until next Wednesday when IP and CPI figures print.
Fig 1: Spot USD/INR Trend
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok