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INDIA: Rupee Lags Regional Peers Despite Positive Sentiment Towards Asian Assets

INDIA
IndiaGlobalEM BulletBulletAPACEmerging Market NewsRegion

Despite moderate weakness in the USD index during the APAC session, the rupee underperformed versus its Asian peers overnight, resulting in a 0.05% move higher for USDINR. That places the pair within ~0.1% of its all-time high at 83.67. According to a trader who spoke to Reuters, bids from state-run banks pushed INR lower towards the latter half of the session.

  • Fading sentiment towards Indian assets was also reflected in local equity markets, with the major benchmarks sitting close to flat at typing compared to solid gains for its regional peers. A rally in major tech shares on Wall Street contributed to gains for Asian equities, with the MSCI Asia Pacific Index climbing as much as 1.1%.
  • In addition, China imposed strict measures to curb short selling and quantitative trading strategies, leading to a 2% gain for the Hang Seng index and 1% advance for the CSI 300, aiding broader gains for Asian equities.
  • Indian equities experienced inflows of $183m yesterday, contributing to a net inflow of $1.71bn over the past five trading days. Equity performance has been mixed recently, although flows have been positive for the past 5 sessions.
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Despite moderate weakness in the USD index during the APAC session, the rupee underperformed versus its Asian peers overnight, resulting in a 0.05% move higher for USDINR. That places the pair within ~0.1% of its all-time high at 83.67. According to a trader who spoke to Reuters, bids from state-run banks pushed INR lower towards the latter half of the session.

  • Fading sentiment towards Indian assets was also reflected in local equity markets, with the major benchmarks sitting close to flat at typing compared to solid gains for its regional peers. A rally in major tech shares on Wall Street contributed to gains for Asian equities, with the MSCI Asia Pacific Index climbing as much as 1.1%.
  • In addition, China imposed strict measures to curb short selling and quantitative trading strategies, leading to a 2% gain for the Hang Seng index and 1% advance for the CSI 300, aiding broader gains for Asian equities.
  • Indian equities experienced inflows of $183m yesterday, contributing to a net inflow of $1.71bn over the past five trading days. Equity performance has been mixed recently, although flows have been positive for the past 5 sessions.