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Forward premiums on the USD/INR fell after the rupee slid past 82 per dollar, with analysts saying the RBI was likely absent from the forward market. The 1-year forward implied yield dropped to 2.22%.
Shares of the Adani Group added to the currency's weakness.
Lower forward premiums and reduced RBI forward activity suggest less central bank support for the rupee, which raises the risk of further currency-driven increases in Indian feed import costs. Weakness in the rupee makes imported feed ingredients more expensive in local terms.
kitco.comFeb 3, 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.
