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USD/INR Holding Above 78.00

INR

Spot USD/INR remains above 78.00, last tracking at 78.08, little changed for the day. The 1 month NDF remains close to 78.30, up from late NY lows of close to 78.10.

  • INR hasn't received much relief from the dip in oil prices, with Brent crude now around $6 off recent highs. Onshore equities are tracking higher, with the Sensex finding support ahead of the 52000 level.
  • Yesterday, the trade deficit printed wider than expected, to a fresh record wide of $24.3bn. This reflected a sharp rise in import growth to 62.8% YoY from 31.0% YoY in April.
  • Gold imports surged and we could see an improvement in coming months, although structurally, India's deficit remains a headwind for the rupee.
  • Locally, covid cases are rising, but from a low base, with the latest daily cases at +12k.
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