MNI BRIEF: Italy To Grow 0.8% In '25, 0.9% '26 -Budget Office

MNI China Daily Summary: Wednesday, February 5

MNI: UK FINAL JAN SRVCS PMI 50.8 (FLASH: 51.2); DEC 51.1

MNI BRIEF: China Spring Festival Trips Up 5.9% Y/Y

MNI: PBOC Net Drains CNY716.5 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1693 Weds; -1.18% Y/Y

MNI: EUROZONE DEC PPI +0.4% M/M, +0% Y/Y

MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6

MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

INR: RBI Willingness to Tolerate Weaker INR Pressures Currency to Fresh Low

INR
IndiaEM BulletBulletAPACEmerging Market News

The Indian rupee slipped to a fresh record low on Tuesday, with Reuters initially reporting that the currency was pressured by strong dollar bids overnight spurred by the maturity of positions in the NDF market while likely intervention by the RBI capped losses. The Bloomberg piece highlighted above has since placed renewed pressure on the currency, while rising oil prices and concerns over Trump’s tariff policies remain ongoing headwinds for the rupee.

  • The Bloomberg piece highlights Malhotra’s departure from his predecessor, with the new Governor said to have shown “keen interest in the RBI’s currency intervention functions and expressed no opposition when his team explained the recent movements in the rupee and the need to allow it to depreciate”. See more above.
  • Separately, India does not expect to see any major impact after the latest US sanctions on Russia, Bloomberg report citing an unidentified government official. India has enough forex reserves to deal with rupee depreciation, the official said, while exports, especially those of services, will benefit from the INR’s decline.
169 words

To read the full story

Close

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.

The Indian rupee slipped to a fresh record low on Tuesday, with Reuters initially reporting that the currency was pressured by strong dollar bids overnight spurred by the maturity of positions in the NDF market while likely intervention by the RBI capped losses. The Bloomberg piece highlighted above has since placed renewed pressure on the currency, while rising oil prices and concerns over Trump’s tariff policies remain ongoing headwinds for the rupee.

  • The Bloomberg piece highlights Malhotra’s departure from his predecessor, with the new Governor said to have shown “keen interest in the RBI’s currency intervention functions and expressed no opposition when his team explained the recent movements in the rupee and the need to allow it to depreciate”. See more above.
  • Separately, India does not expect to see any major impact after the latest US sanctions on Russia, Bloomberg report citing an unidentified government official. India has enough forex reserves to deal with rupee depreciation, the official said, while exports, especially those of services, will benefit from the INR’s decline.