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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.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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