Rupee to round off a quiet week clinging to all-time low
By Nimesh Vora
MUMBAI, Oct 25 (Reuters) -The Indian rupee will be caught between a softer dollar on one side and outflows on the other on the last day of a week in which the local currency has held a 3 paisa range - its narrowest this year - and dropped to a lifetime low.
The 1-month non-deliverable forward indicated that the rupee INR=IN will open nearly unchanged at 84.0775 in the previous session.
The rupee has been in the 84.0550-84.0825 range this week largely thanks to a central bank that is helping the currency in the backdrop of persistent equity outflows and higher U.S. Treasury yields.
The Reserve Bank of India has, on several days this week,been on the offer on the dollar/rupee pairall through the session via public sector banks. As a result,foreign money pouring out of Indian equities has had little impact.
The rupee trickled to an all-time low of 84.0825 on Tuesday, without any sort of follow-through.
"We can keep debating whether what the RBI is doing is right or wrong and whether there will be a price to pay down the road," a currency trader at a bank said.
"The reality of the matter right now is that RBI's chokehold, which has been there for a long time, will remain."
He expects yet another quiet day with the rupee"hanging around" 84.07-84.08.
DOLLAR PULLBACK, EQUITY OUTFLOWS
The dollar index =USD dropped 0.4% on Wednesday and was slightly lower in Asia, taking a bit of a breather following a rally. Despite the drip, the dollar remains largely supported by building confidence that the Federal Reserve will be prudent at rate cuts and prospects of a Donald Trump win.
Meanwhile, foreign outflows from Indian equities this month are on course to top $10 billion, a significant turnaround from the inflows of $7 billion in September.
KEY INDICATORS:
** One-month non-deliverable rupee INRNDFOR= forward at 84.18; onshore one-month forward premium at 10.5 paisa
** Dollar index =USD down at 104.02
** Brent crude futures LCOc1 up 0.4% at $74.7 per barrel
** Ten-year U.S. note yield at 4.2%
** As per NSDL data, foreign investors sold a net $593.6mln worth of Indian shares on Oct. 23
** NSDL data shows foreign investors sold a net $47.3 mln worth of Indian bonds on Oct. 23
Reporting by Nimesh Vora; Editing by Janane Venkatraman
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
