USD/INR drops to near 94.38 at the Monday open as FCNR(B) FX measures above $130 billion as of 31 August support the rupee. MCX crude near Rs 8,730 offsets.
USD/INR drops to near 94.38 at the start of the week as the rupee opens higher on strong non-resident response to the RBI’s special foreign-deposits window.
MUFG on this page points to FCNR(B) FX measures reaching above $130 billion in total as of 31 August, giving authorities firepower even as the bank still sees USD/INR trending higher over time and rules out a sharp rupee collapse.
Rising oil on Hormuz risk is the offset. MCX crude oil for September 21 expiry is up about 1.75% near Rs 8,730 in Monday’s open, closer to a three-month high near Rs 8,791.
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EUR/GBP loses ground to around 0.8585 in early European trade after Destatis July industrial production fell 1.1% m/m. Consensus +0.3% and Destatis-side forecast +0.1% are both quoted; they are not averaged.
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The Indian rupee strengthens versus the dollar on Friday, with USD/INR near 94.49 after a prior-day two-month high at 94.29. SocGen stamps RBI FX mobilisation at $136.38 billion. NFP PRE only — three consensus stamps quoted separately.