USD/INR Price News: Indian rupee justifies options market signals to eye record low near 80.00
|USD/INR grinds higher around intraday top close to 79.85 during early Thursday morning in Europe. In doing so, the Indian rupee (INR) pair justifies bullish signals from the options market amid broad US dollar strength, as well as downbeat Indian fundamentals.
USD/INR one-month risk reversal (RR), the difference between the call options and put options, hints that the pair optimists, namely the call buyers, have an upper hand over the bears. As per the latest print, the weekly RR braces for the biggest jump in two months while positing the first negative closing in four, around 0.0500. The daily RR, however, prints -0.1550 figures versus the previous two-day uptrend.
Elsewhere, Reuters said, “Analysts raised their short positions on the Indian rupee, which has hit record lows every day so far this week despite efforts from the central bank to boost foreign exchange inflows.”
Also read: US Dollar Index stays firmer above 108.00 as US inflation underpins hawkish Fedspeak
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