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TDUX
May 13 - 01:55 AM

USD/INR Opens Nearly Flat; Gold, Silver Import Tariff Hike, Outflows To Be Key Drivers

By Jaspreet Kalra  —  May 12 - 11:35 PM

• USD/INR opens at 95.61 against 95.6275 previous session

• India hikes import duties on gold, silver to 15% to curb imports; Indian PM Modi on Sunday had urged citizens to reduce gold buying

• Diminishing gold linked demand could ease USD/INR's upward momentum for a day or two but don't expect trend to reverse, trader says

• Underlying flows picture remains supportive of pair moving higher, trader adds; points out that NDF maturities, debt payment outflows should cushion USD/INR on Wed

• Asian currencies mostly rangebound, dollar index at 98.3

• Brent crude at $106.7 per barrel, down nearly 1%(Reporting by Jaspreet Kalra)

Source:
London Stock Exchange Group | Thomson Reuters
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