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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.
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Free AccessUSD/INR Holding Above 78.00
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.
To read the full story
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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.