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India rains revive and rupee volatility drops to three-year low

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India rains revive and rupee volatility drops to three-year low                       

Concerns over produce in India has eased as monsoon rain levels rise once more. This has caused a gauge of expected swings in the rupee to drop to a three-year low. It is also expected that inflation will accelerate.

There was much concern over the lack of monsoon rain in India which could have seen a very disappointing harvest. During the period between June and September, rains came it at just 36% of the 50-year average, according to the local weather department. Additionally, June saw consumer prices up by 7.3%, the smallest rise since back in 2012. Industrial production climbed 4.7% in May from a year earlier, the fastest pace in 19 months, while exports rose 10.2% in June.

Three-month implied volatility, a measure of expected moves in the rupee’s exchange rate used to price options, dropped four basis points to 7.30% in Mumbai, according to data compiled by Bloomberg.

Speaking to Bloomberg, currency analyst at India Forex Advisors Anita Joshi said that there is a lot of good sentiment around the revival in monsoon rains is very encouraging. “The latest economic data about inflation, industrial production and exports also paint a positive picture of the economy,” she said.

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About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.