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Indian Budget Eyed With Much Of Asia Shut For LNY Holiday

ASIA FX

The bulk of major Asia-Pac financial centres were shut for Lunar New Year holidays, which limited activity in the region. India's FY2022 Union Budget provides the main highlight in Asia EM space today.

  • CNH: Spot USD/CNH shed a handful of pips, extending its pullback from yesterday's three-week high of CNH6.3864. Chinese markets will be closed through the end of this week.
  • THB: The baht garnered some strength in the wake of Monday's greenback sales. Thailand resumed its quarantine-free visa programme for vaccinated visitors.
  • INR: Spot USD/INR lost some altitude ahead of India's federal budget, with the government treading a tightrope between GDP growth and fiscal consolidation. The nation's second-most populous state eased Covid-19 restrictions.

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