Societe Generale: State-Bank Dollar Selling Caps Rupee Gains
Societe Generale notes that state-owned banks in India have been selling dollars for a second day, capping gains for the Indian rupee after USD/INR moved above its 50-day moving average.
USDINR
According to Societe Generale, state-controlled banks in India have been actively selling US dollars for a second consecutive day. This intervention is capping any potential gains for the Indian rupee.
The selling comes after the USD/INR pair briefly moved above its 50-day moving average. The moves suggest that authorities are containing excessive volatility in the currency market.
No further details or price targets were provided by the French bank.
Source: FXStreet Forex News