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India are to sell a total of INR 360bn of bills later today, the sale consists of INR 150bn 91-day, INR 150bn 182-day and INR 60bn 364-day bills.
- The RBI announced the details of Friday's bond sale, to sell a total INR 260bn consisting of:
- INR 140bn 5.85% 2030 bonds
- INR 30bn 4.26% 2023 bonds
- INR 90bn 6.76% 2061 bonds
- The rupee is expected to open higher alongside moves in other Asia EM FX as the greenback retreats. Meanwhile a second severe storm is expected to hit India on Wednesday, further complicating the fight against COVID-19.
- Goldman Sachs are positive on the rupee: "we continue to recommend staying long INR vs TWD, but the pace of the move is likely to slow. In India in particular, our Effective Lockdown Index (ELI) has doubled to 60 over the past six weeks, and accordingly growth will very likely take a near-term hit (we are forecasting a 20% annualized 'double-dip' in activity in Q2); in such a context, policymakers may lean against sharp FX strength. Given this, we have tightened stops to protect potential gains in our trade recommendation. Overall, after the remarkable Rupee rebound, the risk-reward in going long INR vs TWD still looks attractive in total return terms, but from here returns may rely more on the roughly 8% nominal carry available in the cross, rather than spot appreciation."