Free Trial

USD/INR Dips as RBI Steers Refiners Away From USD

INR
  • Reuters cites sources in reporting that India's RBI is encouraging state refining firms to reduce their USD buying in the spot market, and asking refiners to instead lean on credit lines, rather than FX markets.
  • Comments follow the RBI decision overnight, on FX the board commented that dropping FX reserves are largely due to revaluation and the strong USD - but Das warned the bank would not hesitate to deploy reserves to defend the INR.
  • Decent move lower in USD/INR here on the back of those headlines - rate falling further at typing, hitting new lows at 81.235.

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.