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Indian exporters were holding back dollar sales after the rupee breached 83 per dollar once the Reserve Bank of India stopped defending the 82.40 level. Forward premiums fell to their lowest in more than a decade, making dollar sales less attractive.
Analysts expect the rupee to weaken further to about 84.50 by year-end.
Reduced dollar supply from exporters and falling forward premiums point to continued rupee weakness, raising the dollar cost of Indian imports. This keeps pressure on USD-priced commodity purchases from India.
reuters.comAnushka TrivediOct 21, 2022Not 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.
