BOC SAYS DON'T EXPECT RATES TO RETURN TO PRE-COVID LEVELS

MNI BRIEF: BOC Says Time For Rate Cut Is Nearing

BOC REITERATES TIME FOR RATE CUT IS GETTING NEARER

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

MNI: FED BALANCE SHEET TOTAL ASSETS -$40B TO $7.362T IN WEEK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/INR Edging Back Towards 83.00, RBI Meeting To Discuss Missed Inflation Target

INR

USD/INR is creeping back up towards the 83.00 level. The pair was last at 82.80/850. Note October highs came in close to 83.30. The rupee has underperformed the recent rebound in the USD, with the NEER drifting lower. Still, we remain within recent ranges for this index, last near 69.50 (J.P. Morgan based).

  • In terms of even risks, there will be some focus on today's RBI meeting convened to present a letter to the government explaining why the central bank has missed its inflation target (2-6%) for 3 consecutive quarters. The contents of the letter won't be made available initially.
  • Given the RBI's bias in supporting the growth recovery, a focus point which Governor Das made yesterday, failing to meet the inflation target for the RBI shouldn't necessarily see a change in policy tact from the central bank (i.e. to a more hawkish outlook). Note the next policy meeting for rate setting is on December 7th.
  • While also coming up shortly is the services PMI, with the last outcome at 54.3. Recall early in the week the manufacturing PMI was resilient at 55.3 for October (versus 55.1 previously).
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.