Key Points
MUMBAI (Reuters) The Indian rupee was largely flat on Wednesday as sustained dollar inflows helped ease the pressure from weakness in most Asian currencies...
Meanwhile, dollar-rupee forwards premiums extended their decline from the previous session with the 1-year implied yield lower by 3 basis points (bps) at 1.64%, the lowest level in about two and a half months...
The 1-year implied yield had dropped 5 bps on Tuesday pressured by strong receiving interest from foreign banks, traders said.. Forward premiums are likely to stay under pressure in the near term we could see the 1-year implied yield decline to 1.60% over the next few days, a foreign exchange trader at a state-run bank said...
The rupees downside appears to be capped around 83.10 with an appreciation bias towards 82.50 remaining on the cards, Amit Pabari, managing director at foreign exchange advisory firm CR Forex said.. While data released on Tuesday showed that U.S. durable goods orders in January fell more than expected, markets appeared to be largely unfazed by it...
Loosening financial conditions and additional fiscal stimulus could add to demand and stall progress on inflation, Federal Reserve Governor Michelle Bowman said on Tuesday...
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