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INR: Rupee Advances as JPY Rally Prompts Strength Across Asia FX

INR
  • The rupee ended the session moderately higher against the dollar, with broader strength in Asia FX (and specifically the rally in the Japanese yen which worked against the USD Index) highlighting positive regional sentiment. USD/INR closed the session 0.1% lower, extending the pullback from last week’s record highs.
  • Reuters note that importers' dollar bids initially led to some INR weakness, before the local currency gained towards the end of the session. Citing traders, they say broader INR gains have been shallow due to outflows from local equities and strong dollar demand from local corporates.
  • Meanwhile, Indian stocks were mixed today, with advances in software makers and metal stocks offset by declines in automakers. Similarly, wider Asian equity markets were mixed overnight, with Japan's benchmark index falling amid a stronger yen, while Hong Kong's market saw gains driven by strong earnings from tech giants.
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