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Indian rupee seen near 96.9550 as Brent tops $90, inflows rise

Societe Generale says the RBI has stepped up FX intervention and pulled in more than $20 billion via FCNR(B) deposits and external borrowings to support funding conditions.

Reported · Written up by our desk · Major Pairs

Societe Generale’s Asian FX strategists warned that the Indian rupee (INR) is at risk of retesting its record low near 96.9550 per US dollar as Brent crude moved above $90.

In their note, the strategists said the Reserve Bank of India has intensified FX intervention, while attracting over $20 billion through FCNR(B) deposits and external borrowings.

They added that a government target of roughly $90 billion in inflows should help ease near-term funding concerns, even as risks from the Middle East remain in focus.

Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%

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