USD/INR attempts recovery from three-month lows, 71.00 back on sight?
USD/INR is seeing some fresh signs of life in the European trading this Friday, having fallen to the weakest levels in three-months just ahead of the 70.50 level earlier today.
The spot turned green for the first time in five trading sessions after the Indian rupee came under fresh selling pressure on persistent greenback purchases by state-run banks trimmed early gains due to optimism over a US-China trade deal. According to a deal at an Indian state-run bank, “State-run banks have been actively buying dollars from around 70.55 levels, likely on behalf of the RBI.” Read more…
India: Leading indicator yet to show sign of recovery – Standard Chartered
In view of Kanika Pasricha, economist at Standard Chartered, India’s GDP growth is widely expected to have bottomed out in Q2-FY20 (ended September 2019) at 4.5%, marking its six-and-a-half-year low and to recover in H2-FY20.
Key Quotes
“Our composite leading indicator continued to slow in October, suggesting that growth concerns remain. The indicator shows that the investment slipped more sharply than consumption, with the latter supported by festive-season demand and the impact of key state elections. Consequently, the increase in currency in circulation was much higher than seasonal trends, at INR 700bn in October 2019.” Read more...
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