Indian Rupee: Rangebound performance with debt inflows – Societe Generale
Ni FXStreet Insights Team
Na-update: 26 Jun 2026
Sikat na Artikulo
Societe Generale strategists notes that the Indian Rupee (INR) traded broadly flat over the week but outperformed regional peers thanks to debt portfolio inflows. They highlight that broad US Dollar (USD) strength overshadowed moves in Gold and Brent.
Societe Generale strategists notes that the Indian Rupee (INR) traded broadly flat over the week but outperformed regional peers thanks to debt portfolio inflows. They highlight that broad US Dollar (USD) strength overshadowed moves in Gold and Brent. Domestic bonds rallied as Reserve Bank of India (RBI) Governor Malhotra pushed back on tighter policy speculation, while the composite PMI eased, signaling softer momentum in manufacturing and services.
INR steady as bonds extend gains
"The INR traded broadly flat over the week, outperforming regional peers on debt portfolio inflows."
"IGBs extended gains with 10y yields retracing to 6.75% after RBI Governor Malhotra pushed back on speculation of tighter policy."
"The dovish repricing pulled the 1y OIS down to 5.75% from 6.38% a month ago. "
"On the data front, the composite PMI eased to 57.4 in June from 59.3 in May, reflecting softer momentum in manufacturing and services."
"However, broad dollar strength trumped the breakdown in gold prices below $4,000/oz and Brent to pre-war levels."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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