Free Trial

USD/INR Fades Into the Close, Preceding RBI Verbal Intervention

INDIA
  • Reuters cites banking sources in reporting that the Reserve Bank of India had asked some banks to refrain from taking fresh non-deliverable forward arbitrage positions. The report goes on to say "The RBI has told us not to take new outright arbitrage positions, [but] Swap arbitrage positions are still allowed." The piece adds that the directions were verbally communicated, but there has been no written communication.
  • USD/INR accelerated losses into the local close, closing lower by 0.3% on the day and erasing early gains. The marks the biggest downtick in the pair since March, closing the gap with the August 3rd low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.