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INR: Rupee Hits Best Level Since July, Fed Cut Sparks Broader Asia FX Rally

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The rupee has extended its winning streak versus the greenback, with USD/INR falling around 0.5% in the past 6 sessions from levels close to all-time highs to its lowest since July 9. 

  • The bold 50bp cut from the Fed spurred gains for INR this week, while analysts cited by Bloomberg note that the RBI has eased its grip on the currency, allowing for greater appreciation.
  • Meanwhile, Reuters say two-large US based banks have been "present on the offer (on USD/INR)," since early in the session today, citing a foreign exchange trader at a state-run bank.
  • The start of the easing cycle in the US has aided the wider Asia FX basket, with the Bloomberg Asia Dollar Index at its highest level in over a year.

Figure 1: Bloomberg Asia Dollar Index at highest level since May 2023

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The rupee has extended its winning streak versus the greenback, with USD/INR falling around 0.5% in the past 6 sessions from levels close to all-time highs to its lowest since July 9. 

  • The bold 50bp cut from the Fed spurred gains for INR this week, while analysts cited by Bloomberg note that the RBI has eased its grip on the currency, allowing for greater appreciation.
  • Meanwhile, Reuters say two-large US based banks have been "present on the offer (on USD/INR)," since early in the session today, citing a foreign exchange trader at a state-run bank.
  • The start of the easing cycle in the US has aided the wider Asia FX basket, with the Bloomberg Asia Dollar Index at its highest level in over a year.

Figure 1: Bloomberg Asia Dollar Index at highest level since May 2023

Keep reading...Show less