INR: Realized flows show heavy selling - BNY
By FXStreet Insights Team
Updated: 31 Mar 2026
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BNY’s Head of Markets Macro Strategy Bob Savage notes that the Indian Rupee (INR) faces continued pressure, recording the highest level of realized selling among Asia-Pacific (APAC) currencies in March.
BNY’s Head of Markets Macro Strategy Bob Savage notes that the Indian Rupee (INR) faces continued pressure, recording the highest level of realized selling among Asia-Pacific (APAC) currencies in March. Despite the significant sell-off, BNY’s tracking indicates that actual positioning remains largely flat, as the currency was previously heavily overheld for carry strategies. Savage highlights that a true value opportunity will only materialize if the currency transitions into underheld territory.
Assessing the risk reward payoff
"On a monthly average basis within APAC (and measured against other currencies in iFlow), INR was the most-sold currency on a realized basis."
"On a holdings basis, monthly average positioning in INR is largely flat, and at the onset of the conflict it was comfortably in overheld territory as a carry name."
"A more compelling risk/reward payoff would only emerge when a currency is not just heavily sold, but sold from an underheld position."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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