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USD/INR Steady Following Das's Comments

INR

RBI Governor Das has defended the rupee in a speech given today. He made a number of comments - noting the current account deficit remains modest and that India's FX reserves are adequate.

  • He also made comments on India's external commercial borrowings (ECBs). He stated the true unhedged amount was far less than $79bn, as there is a natural hedge within the economy.
  • These comments are likely in response to a recent Bloomberg article highlighting the next pressure point for the rupee on unhedged external borrowings, see this link for more details.
  • Das stated the central bank will continue to engage with the FX market and while it has no level in mind for the FX, it has zero tolerance for bumpy rupee moves. The central bank will ensure that the rupee level is in line with fundamentals.
  • USD/INR hasn't moved much since the comments hit the wires. We sit slightly above 79.90, but the statements may highlight the sensitivity from the RBI around a rapid depreciation in INR through the 80.00 level.
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