USD/INR Price News: Indian Rupee bears jostle with 100-DMA amid broad US Dollar strength – by anilpanchal7 USDINR RiskAppetite YieldCurve Hedging ForeignTrade
ength to the Indian Rupee pair could be the chatters of increased hedging by importers and foreign outflows from India.
“Average dollar purchases by importers, beyond the spot date, rose to $1.64 billion last week from $1.14 billion the week before, latest data collated by The Clearing Corporation of India Ltd revealed,” stated Reuters while suggesting an increase in hedging in India. On the same line, Reuters quotes data to mention about a 246.51 billion rupees outflow by Foreign institutional investors in the last 17 days to portray challenges for the INR.
Elsewhere, the receding optimism surrounding China as expectations of upbeat growth figures from China, as conveyed by economists from Goldman Sachs, contrast the fears of more Sino-American tussles over Taiwan to probe China-linked optimism. Earlier in the day, South China Morning Post mentioned that Beijing ‘should be wary’ as the US and Taiwan seeks closer economic ties.
Above all, a slump in the Treasury bond yields triggered by the Bank of Japan’s inaction seemed to have underpinned the US Dollar run-up. That said, braces for the biggest daily gains in two weeks, up for the third consecutive day around 102.90 by the press time. US Treasury bond yields as they reverse the early-day rebound to drop towards 3.48% while the S&P 500 futures printed 0.30% intraday gains, following the mildly negative marks of the intraday performance.
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