MNI BRIEF: Frugals Block EU Feb Summit Call For Joint Funding

MNI BRIEF: BOC Rate-Cut Talk Is Premature, Macklem Says

BOC SAYS GOVT TO AMEND LAW TO ACCOUNT FOR QE LOSSES

US EIA:NAT GAS STORAGE -91 BCF TO 2,729 BCF JAN 20 WK

MNI: US DEC NEW HOME SALES +2.3% TO 0.616M SAAR

MNI: US Q4 GDP +2.9%

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

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

Italian Prime Minister Set for Libya Trip to Secure Energy Supplies

CHILE

LarrainVial Expects BCCH Statement To Have Dovish Undertones

FED

US TSY TO SELL $60.000 BLN 13W BILL JAN 30, SETTLE FEB 02

FED

US TSY TO SELL $48.000 BLN 26W BILL JAN 30, SETTLE FEB 02

GREECE

Gov't Set To Survive Confidence Vote But Faces Pressure Pre-Election

OPTIONS

Expiries for Jan27 NY cut 1000ET (Source DTCC)

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

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

INR
BulletEM BulletEmerging Markets NewsHomepage

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).
188 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

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).