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Free AccessRupee Underperforming Broader USD Weakness
Spot USD/INR has pushed to fresh record highs in the first few hours of onshore trading today. We ran up to 77.80 before sentiment stabilized, we are around 0.30% higher in spot USD/INR terms vs. last Friday (note spot markets were closed yesterday).
- The rupee is underperforming the broader rally seen in Asian FX today. All other regional currencies are higher against the USD (except for IDR), with KRW (+0.62%) and THB (+0.36%) the standouts. The USD is generally weaker against the G10 currencies as well.
- Higher energy and agricultural prices have not helped the INR's cause, particularly with oil back close to multi-week highs.
- Later today we get wholesale prices data. The market looks for a +14.92% YoY print, versus +14.55% YoY previously. Recall last week that CPI surprised on the upside. Looking ahead, tomorrow delivers the minutes from the RBI's most recent monetary policy gathering.
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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.