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Nomura remains bearish on the Indian rupee even after JPMorgan included India in its flagship emerging market bond index. The rupee rallied to near 82.80 per dollar on the news but could not hold the gains and was weaker than before the inclusion at 83.1125.
Nomura cites a wider current account deficit, equity outflows, a stronger dollar and a weaker yuan, all of which point to continued rupee weakness. A weaker rupee raises the local-currency cost of imported feed ingredients for India.
reuters.comSep 25, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
