US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

INDIA:   FX Reserves Drop as RBI Defends Currency. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • Last week’s foreign reserves data showed the largest weekly fall as the RBI continued to intervene to smooth currency volatility.
  • In the wake of the resurgence of USD strength, Asian currencies have been pressurized in the last three months, many down between 2-5%.
  • By contrast the Rupee is down -0.5%, indicating the level of support the currency has enjoyed from the Central Bank.
  • Last week the RBI responded to criticism of their support saying it was ‘trying to insulate India’s economy from global spillovers and financial stability risks by keeping the currency stable,’ as per the RBI monthly bulletin.
  • Significant outflow from foreign portfolio managers from the bond and equity markets has been an additional concern for the authorities.
  • The RBI Governor has not committed the Central Bank to a target level for the rupee. 
134 words

To read the full story

Close

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.
  • Last week’s foreign reserves data showed the largest weekly fall as the RBI continued to intervene to smooth currency volatility.
  • In the wake of the resurgence of USD strength, Asian currencies have been pressurized in the last three months, many down between 2-5%.
  • By contrast the Rupee is down -0.5%, indicating the level of support the currency has enjoyed from the Central Bank.
  • Last week the RBI responded to criticism of their support saying it was ‘trying to insulate India’s economy from global spillovers and financial stability risks by keeping the currency stable,’ as per the RBI monthly bulletin.
  • Significant outflow from foreign portfolio managers from the bond and equity markets has been an additional concern for the authorities.
  • The RBI Governor has not committed the Central Bank to a target level for the rupee.