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CNH & Oil Likely To Keep USD/INR Dips Supported ​​

INR

USD/INR is lower in the first part of trading today, pushing back below 79.80. We have moved away from a test of 80.00 for now. Highs for this week sit just above 79.90. Modest strength today likely owes to some catch up to the weaker USD from the overnight session. Note the 1 month USD/INR NDF is back around 80.00 currently, after trading as high as 80.30 in the early stages of this week.

  • Dips in USD/INR may still be supported though. Firstly, oil prices have rebounded with Brent crude back close to $100/bbl.
  • USD/CNH is also pressing higher. So, the rupee won't be completely immune from those pressures either.
  • Onshore equities are modestly higher today (+0.15 to +0.20%) but we are down from recent highs.
  • Interestingly, offshore investors sold local equities at the start of this week in the first outflow day since the 27th of July. It was only modest at -$43.36mn but ends the impressive streak of net inflow momentum.
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