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Free AccessRBI Said To Have Intervened To Strengthen Rupee, USD/INR Softer
The RBI is said, link here, to have sold USD via NDF's to prevent USD/INR from weakening past 83 handle on Friday. FX reserves data up to Feb 10, showed reserves trending back lower (back under $567bn), although part of this will reflect the impact of firmer USD levels on valuations.
- USD/INR has softened in early trade, down ~0.1%, last printing at 82.60/70. This is line with broader USD trends in the region.
- Technically we remain in an uptrend, bears first target 20-day EMA at 82.4101. Bulls look to break 83.00.
- There was a sixth straight day of Equity inflows, global investors bought ~$245.58mn of Indian Equities on Thursday. The net total for February is an inflow of ~$138mn. Nifty50 sits ~3.5% above lows seen in early February.
- The domestic data calendar is empty for the week ahead.
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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.