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Some swap market jitters on RBI speculation

FXStreet (London) - The Indian swaps market has regained ground after earlier nervousness ahead of the Reserve Bank of India’s rate decision on 2 December.

Consensus expectations are for RBI governor Raghuram Rajan to hold base rates at their current 8 percent level. However, that view may be put under pressure when Indian GDP data is released on Friday. Expectations are for a slowdown from the second quarter gains of 5.7 percent, with the consensus pointing to 5.5 percent growth in the third quarter.

INR one-year swaps declined to 7.85 percent shortly after the open of trading, before rebounding to current prices at 7.89 percent – level with the open.

USD/INR is currently trading at INR61.97 after steady declines through the session.

NZD/USD falls below 0.7800

The kiwi dropped further against the US dollar during the European session and reached the lowest price since November 11.
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