"I have also noticed that since the beginning of the year, there has been a lot of interest in buying Indian rupees, not against the US dollar but against some of the other Asian currencies, especially the RMB (Chinese currency)," said Patrick Law, Head of Asia Pacific Fixed Income, Currencies, and Commodities Trading, Bank of America.
Oil prices are set to end the week with a modest gain as analysts expect OPEC+ to extend its production cap deal, a move that would further tighten supply.
However, the direction of equity gauges would determine the efficacy - and longevity - of the plan. The gauges turned negative in January after two months of purchases. However, foreign inflows into bond markets remain positive this month.
The pay later feature also provides an unlimited holding period, the ability for users to use their shares and ETFs as collateral instead of cash for their positions and get MTF research recommendations
The RBI s net outstanding forward book - it represents proprietary dollar sales or purchases for a future date - turned negative in October. Mint Road is obligated to sell $14.6 billion dollars, latest data showed. The last time the forward book was in negative zone was in July 2020.