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RBI Said To Have Intervened To Strengthen Rupee, USD/INR Softer

INR

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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