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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.
INR
USD/INR has opened dealing at 81.60/70, up ~0.3% from yesterday's closing levels. This follows yesterday's gain, with USD/INR dips in early trade not sustained, as headlines crossed on reported state bank dollar buying, which came when the pair was sub 81.00. The trough to peak move was ~0.50%. See this Bloomberg report for more details.
- The pair is now trading above its 100-Day EMA, with bulls now targeting the 20-day EMA at 81.85. Bears first look to break Jan 2023 to regain upper hand.
- The INR NEER is only +0.75% above the late 2022 lows, while the rupee has been a laggard in recent months as broader Asian FX sentiment turned (up just 1.25%).
- Still Reuters noted that the government is likely to forecast nominal GDP at 11% for the upcoming financial year, slower than the current year, due, in part, to weaker export growth. So, the RBI may also be eyeing competitiveness in terms of intervention stance (in addition to rebuilding FX reserves).
Fig 1: INR Daily Spot
Source: Market News International (MNI)/Bloomberg
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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