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Rupee Firmer, Local Banks Buy Largest Amount Of Bonds Since May 2022

INR

The Rupee has open dealing ~0.1% firmer, the pair last prints at 82.45/48. The lingering impact of yesterday's RBI meeting where the bank maintained its pause on rate and stance but stressed that the 4% inflation target needs to be met sees the INR outperform in the USD/Asia space.

  • Ranges have been narrow in recent dealing, the pair has see-sawed around the 20-Day EMA (82.49) with little follow through.
  • We sit a touch under the measure on Friday and bears look to target May 4 at 81.6563. Bulls look to target a break of the 83 handle, the last test of 83 saw the RBI intervene in the FX market.
  • Local banks stepped up government bond purchases yesterday buying a net $1.03bn which was the largest single day purchase since May 4 2022.
  • Looking ahead, May CPI print on Monday headlines next week's data calendar, inflation is expected to tick lower to 4.40% from 4.70% prior.
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