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Rupee Gains Ahead Of RBI Decision

INR

INR has bounced in the first 30mins of onshore trading. Spot USD/INR is back to 79.10, around 0.45% lower compared to yesterday's closing levels. This is in line with FX gains elsewhere in the region and the continued trend down in oil prices. We did dip below 79.00 not long after the open but could sustain these gains. Note the 50-day MA comes in at 78.80.

  • Volatility remains highs though. Yesterday, USD/INR spiked above 79.80, with reported RBI intervention curbing the move. Onshore media reports intervention potentially topped $2bn.
  • Ahead we have the RBI decision in a little under half an hour. See our full preview here. The market looks for a 35bps rise taking the policy rate to 5.25%. No change is expected in the cash reserve ratio (currently at 4.50%).
  • Onshore bond yields are ticking down further, the 10yr off 3.5bps to 7.12%. Onshore equities are up around +0.30% in the first part of trading.
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