USDINR futures closed at 74.71 for the day, almost 32p lower, despite dollar index holding up well. If private flow is the main reason for today's left side move in USDINR, overarching narrative for today can construed as capital flows.
https://twitter.com/vikas_bazaz/status/1417302774644043778
Remember we talked about how it is important to identify narratives, and how it keep shifting from one factor to another.
https://twitter.com/vikas_bazaz/status/1417053304375234564?s=19
Let's see if this narrative (flows) can play out on Thursday as well, in the background when dollar index is still holding up well around 93 levels and US 10Yr bond quoting below 1.20.
At least to me, from risk perspective, a falling bond yield and rising dollar index are definitely not a good sign.
The main saving points for INR is softer crude and stable EM currencies.
The main saving points for INR is softer crude and stable EM currencies.
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