Indian Rupee: Intervention concerns shape outlook – Societe Generale

Societe Generale strategists note USD/INR remains below 95 in Asia after a 1.9% rally last week, supported by Reserve Bank of India (RBI) measures for Oil importers and speculation curbs. They highlight reported US Dollar (USD) selling by state-run banks and warns RBI’s direct supply to Oil companies could be constrained. FX reserves have dropped sharply and Indian Rupee (INR) shorts in the Reuters poll are at multi‑month highs.