USD/INR hits a fresh 10-day high at 95.31 as oil keeps rising. Pair ~95.19 near the 20-EMA; RBI spot/NDF intervention still limited relief; SocGen stamps $136.38bn FX mobilisation including FCNR(B).
The Indian Rupee extended its losing run against the US Dollar for a third session on Thursday as the oil rally kept pressure on the import-dependent currency.
USD/INR posts a fresh 10-day high at 95.31. In the opening session, the MCX Crude Oil contract expiring on September 21 trades 0.5% higher, closer to its over three-month high of Rs 9,189. At the time of the technical stamp, the pair trades at 95.19, near the 20-period exponential moving average at 95.14.
The RBI continues to intervene in spot and Non-Deliverable Forward markets. “The RBI has maintained its intervention, including a fairly forceful presence at one point yesterday. However, that support has so far provided only limited relief.”
Societe Generale EM strategists: “the RBI disclosed earlier this month that it had raised $136.38bn through its FX mobilisation schemes, including the FCNR(B) window launched in early June, significantly bolstering reserve buffers and intervention capacity.”
Downside key support is the June low at 94.15; looking up, the pair is expected to find a hurdle near 96.00.
Follows Wednesday’s extends decline above ~95 (chart 95.07).
Also see: USD/INR Hits Fresh 10-Day High at 95.47 as Oil Rally Extends.
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USD/INR hits a fresh 10-day high at 95.47 as oil extends its rally on intact US–Iran tensions. RBI still intervening in spot and NDF; FCNR mobilisation stamped at $136.38bn.