Free Trial

USD/INR Crosses Above 83 Amid Higher Oil Prices, Negative Risk Sentiment

INR

Spot USD/INR is testing the psychological 83 figure ahead of the close, with the rupee weighed on by elevated crude oil prices and the fallout from weak Chinese PMI data released overnight, which dampened wider risk sentiment. The rate last deals at 83.02, with bulls targeting Aug 17 high of 83.16. USD/INR 1-Month NDF last seen at 83.11, with next layer of resistance at Aug 15 high of 83.59. Bloomberg had earlier cited Nuvama Institutional's Sajal Gupta as saying that "had the RBI not been intervening, we would be past 83 by now. They've been suppressing volatility."

  • India's S&P Global Services PMI deteriorated to 60.1 in August from 62.3 prior, but the seasonally adjusted Business Activity Index showed one of the strongest increases in output since mid-2010 amid a spike in international demand. S&P Global noted that "favourable demand trends also led to the joint-fastest increase in prices (...) which may prompt attention from policymakers and potentially delay cuts to the benchmark repo rate".
  • RBI Deputy Governor T. Rabi Shankar will speak at the Global Fintech Fest 2023 in Mumbai at 12:00BST/16:30IST.

To read the full story

Close

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.