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USD/INR Struggles For Fresh Downside, Equity Outflows Highest Since Adani Sell Off

INR
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USD/INR prints at 82.60/65, little change, with earlier lows near 82.53 drawing USD support.

  • The pair printed a high of 82.70 yesterday before moderating gains, the 20-day EMA has provided support to USD/INR (82.45) in recent dealing.
  • Intervention risks will firm as USD/INR ticks higher, the RBI intervened in late February as we approached the 83.00 level.
  • Last week there were net outflows in Indian Equities of $205mn, this was the largest weekly outflow since the late January/early February Adani driven sell off.
  • Data wise the BoP current account balance for Q4 is due some time below now and 31 March. The Bloomberg Survey Median Estimate sits at -$23bn, the prior read was -$36.40bn.
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USD/INR prints at 82.60/65, little change, with earlier lows near 82.53 drawing USD support.

  • The pair printed a high of 82.70 yesterday before moderating gains, the 20-day EMA has provided support to USD/INR (82.45) in recent dealing.
  • Intervention risks will firm as USD/INR ticks higher, the RBI intervened in late February as we approached the 83.00 level.
  • Last week there were net outflows in Indian Equities of $205mn, this was the largest weekly outflow since the late January/early February Adani driven sell off.
  • Data wise the BoP current account balance for Q4 is due some time below now and 31 March. The Bloomberg Survey Median Estimate sits at -$23bn, the prior read was -$36.40bn.