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Indian Rupee supported by oil relief and equity inflows: MUFG
USD/INR has fallen to its lowest level since April, notes MUFG’s Lloyd Chan. Lower oil prices and returning foreign equity inflows have made the Indian Rupee a key beneficiary. Better terms of trade, a reduced import bill and easing pressure on margins provide support. India’s equity market is also drawing sizeable foreign capital relative to other Asian markets.
Rupee Rises as Oil Falls and Foreign Inflows Return
"INR has emerged as a key beneficiary of the recent combination of lower oil prices and returning foreign equity inflows, with USD/INR falling below 94.00 to its lowest since April."
"Lower crude improves India’s terms of trade and eases pressure on the import bill and corporate margins."
"Meanwhile, foreign investors bought a net $5.2bn of Indian equities last week, with inflows accelerating towards the end of the week. This contrast with net foreign equity selling in South Korea and Taiwan."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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