27 Jun 2022

INR is on a steady decline

The INR weakened last week to close at record lows. Widening CAD, global recession fears, inflation and high fiscal deficit is pulling the INR down. The outlook for the INR is negative and RBI is unlikely to intervene heavily and protect the currency from declining further.

author dp
Team INRBonds
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       India’s current account deficit decreased to US$ 13.4 billion (1.5% of GDP) in Q4:2021-22 from US$ 22.2 billion (2.6% of GDP) in Q3:2021-22.

       The annual inflation rate in Japan was at 2.5% in May 2022.

       US current account deficit widened to $291.4 billion in Q1 of 2022 from an upwardly revised $224.8 billion in the previous period.

       Rupee depreciated by 0.37% against USD.

       Japanese Yen depreciated by 0.20% against USD.

       Dollar Index declined by 0.33%.

 

 

 

Currencies

24-Jun-22

17-Jun-22

Weekly Return

DXY

104.12

104.46

-0.33%

AMERICAS CURRENCIES

 

 

 

USD-BRL

5.2423

5.1534

-1.70%

EUROPE, MIDDLE EAST & AFRICA CURRENCIES

 

 

 

EUR-USD

1.0554

1.0502

0.50%

GBP-USD

1.2272

1.2225

0.38%

USD-RUB

53.4

56.41

5.64%

ASIA-PACIFIC CURRENCIES

 

 

 

AUD-USD

0.6944

0.6935

0.13%

NZD-USD

0.6316

0.6341

-0.39%

USD-JPY

135.23

134.96

-0.20%

EUR-JPY

142.71

141.66

-0.74%

USD-KRW

1,289.29

1,291.58

0.18%

USD-PHP

54.9

53.76

-2.08%

USD-IDR

14,829.50

14,823.00

-0.04%

USD-INR

78.25

77.96

-0.37%

EUR-INR

82.64

81.85

-0.96%

USD-CNY

6.69

6.72

0.45%

USD-MYR

4.40

4.40

0.00%

USD-THB

35.43

35.23

-0.56%

Countries

24-Jun-22

17-Jun-22

Weekly Change (bps)

US

3.14%

3.23%

-9

Japan

0.22%

0.31%

-10

UK

2.31%

2.50%

-19

Germany

1.44%

1.66%

-22

Portugal

2.51%

2.69%

-18

Italy

3.54%

3.67%

-13

France

1.97%

2.20%

-23

Greece

3.77%

4.03%

-26

Spain

2.54%

2.74%

-20

Brazil

12.79%

12.83%

-4

Russia

8.72%

8.92%

-21

China

2.82%

2.83%

-1

South Africa

10.26%

10.24%

2

Australia

3.70%

4.09%

-39

India

7.44%

7.55%

-11

Indonesia

7.49%

7.58%

-9

 

Countries

24-Jun-22

17-Jun-22

Weekly Change (bps)

US

3.14%

3.23%

-9

Japan

0.22%

0.31%

-10

UK

2.31%

2.50%

-19

Germany

1.44%

1.66%

-22

Portugal

2.51%

2.69%

-18

Italy

3.54%

3.67%

-13

France

1.97%

2.20%

-23

Greece

3.77%

4.03%

-26

Spain

2.54%

2.74%

-20

Brazil

12.79%

12.83%

-4

Russia

8.72%

8.92%

-21

China

2.82%

2.83%

-1

South Africa

10.26%

10.24%

2

Australia

3.70%

4.09%

-39

India

7.44%

7.55%

-11

Indonesia

7.49%

7.58%

-9

 

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