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Rupee Resilient to Risk Off Moves During APAC Trade, Voting Starts in National Elections

INDIA
  • The move higher in USD/INR following initial reports of Israel’s retaliatory strike on Iran was brief and limited in scale. The pair swiftly reversed its gains as reports surfaced from Israel and Iran downplaying the significance of the attack and sits 0.10% lower at typing.
  • The rupee’s resilience was notable and only the Japanese yen outperforms the rupee on the day out of the major Asian currencies. However, the brief spike higher in USD/INR during the early hours of APAC trade did result in the brief print of a fresh all-time high. The escalation of the conflict in the Middle East and potential for higher oil prices could act as a headwind to the INR moving forward.
  • India kicked of its elections today. In the first phase, voters in 21 states and union territories cast their ballots. The voting ends on June 1 with results available on June 4. The next phase of voting begins in one week and will cover 12 states and one union territory. The Bhartiya Janta Party (BJP) is likely to retain power – an outcome that widely anticipated by markets – and therefore the primary question appears to be centred over how many more seats the party will be able to gain compared to its previous tally.
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