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Forwards Indicate Lower Open


After gaining yesterday as the greenback fell forwards indicate a lower open for INR.

  • The RBI were on the wires yesterday releasing its monthly bulleting, the bank said that the second wave of the pandemic risks disrupting supply chains and could stoke inflationary pressures. Deputy Governor Patro wrote in the RBI's latest monthly bulletin that ""Pandemic protocols, speedier vaccination, ramping up hospital and ancillary capacity, and remaining resolutely focused on a post pandemic future of strong and sustainable growth with macroeconomic and financial stability is the way forward,". Inflation is already at risk of overshooting the RBI's upper limit of 6% with wholesale inflation printing 7.39% in March on higher commodity prices and increase input costs. However, the RBI rate announcement earlier in April indicated the bank could overlook an inflation overshoot in order to support the economic recovery.
  • There are a number of high profile earnings reported today that could dictate price action, these include financial firms such as Axis Bank, Bajaj Finance as well as Maruti Suzuki and ABB India.

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