- The Indian rupee has again hit new lows against the dollar, falling to 62.755 earlier as markets continue to show their disdain for the Reserve Bank of India's attempt to boost the currency through limits on how much Indian residents and companies can send offshore.
- What investors want, especially foreign ones, is not a return to capital controls, as the RBI policy suggests, but economic reforms that, in the words of Westpac analysts, "look and feel like a worthy 'second generation' to the fundamental measures adopted in the early 1990s."
- Analysts also find it "curious" that the RBI is trying to battle depreciation given that a weaker rupee would help boost exports and limit imports.
- USD-INR is now +0.2% at 62.63, while the Sensex is -2.2%, continuing its heavy falls from last week.
- ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR.