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The Indian rupee fell on May 9, 2023, to 81.925 per dollar, likely on dollar outflows by a large US-based bank and rising US yields. Rupee forward premiums fell, with the 1-year implied yield dropping to 2.17%.
The two-year US yield neared 4% ahead of US inflation data.
A weaker rupee increases the local cost of dollar-priced imports for Indian feed buyers, while rising US yields reinforce dollar strength. The move is a short-term currency fluctuation with little global commodity impact.
brecorder.comReutersMay 9, 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.
