WisdomTree Indian Rupee Strategy Fund (ICN) - NYSEARCA
  • May 12, 2014, 4:18 AM
    • Indian shares and the rupee continue to rise as polling booths close in the world's largest election following weeks of voting.
    • Results are due on Friday, with the business-friendly Bharatiya Janata Party, led by Narendra Modi, expected to win handsomely. Shares could climb further if he gets anywhere near or above the 272 seats required for a majority in parliament.
    • "The markets are expecting the BJP-led alliance will get around 230-240 seats and anything above that will be a bonus," says investment officer David Pezarkar.
    • However, should Modi win, he will inherit a high-inflation economy suffering its worst slowdown since the 1980s, with GDP growth almost halving to under 5% over the previous two years. It has been Modi's pledges to fix the economy that have made him the frontrunner in the election.
    • The Sensex stock index is +1.9%, while the USD-INR is -0.2% to 59.733 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | May 12, 2014, 4:18 AM | 3 Comments
  • Mar. 18, 2014, 4:48 AM
    • European shares and U.S. stock futures are lower after Vladimir Putin authorized a draft treaty for Crimea to join Russia.
    • Markets are also eying Janet Yellen's first FOMC meeting as Chair of the Fed, which is expected to continue the tapering but possibly abandon the 6.5% unemployment trigger for considering a rate hike.
    • Earlier, Asian shares fell following a strong session on Wall Street as markets shrugged off concerns about the Ukraine crisis.
    • Indian shares have hit record highs amid strong buying by foreign investors ahead of general elections.
    • Japan +0.9%, Hong Kong +0.5%, China +0.1%, India +0.1%.
    • Euro Stoxx 50 -0.7%, London -0.5%, Paris -0.4%, Frankfurt -0.7%, Milan -0.4%, Madrid -0.6%.
    • U.S. stock futures: Dow -0.2%. S&P -0.2%. Nasdaq -0.3%
    • India ETFs: EPI, INDY, PIN, INP, INDL, ICN, INR, INDA, INXX, INCO
    | Mar. 18, 2014, 4:48 AM
  • Dec. 19, 2013, 9:23 AM
    • India had a relief rally on Wednesday after the RBi surprised by not hiking rates, but fell anew last night dropping 0.7% for its 7th decline in 8 sessions.
    • Leading among the blue chips were the rate-sensitive stocks, with ICICI (IBN) Bank off 3% and HDFC (HDB) Bank down 2.1%.
    • "One of the big questions post Fed's move is whether liquidity will continue flowing to emerging markets like India or not. If rates go up in U.S. then it will be risk for EMs," says Aneesh Srivastava, CIO at IDBI Federal Life Insurance.
    • IBN -5.4%, HDB -5.6% premarket
    • India ETFs: EPI, INDY, SCIF, INP, PIN, INDL, ICN, INR, INXX, INDA, SCIN, INCO, SMIN
    | Dec. 19, 2013, 9:23 AM
  • Sep. 20, 2013, 2:40 AM
    • In its first decision under new governor Raghuram Rajan, the Reserve Bank of India has surprisingly increased its benchmark lending rate to 7.5% from 7.25%, saying that "bringing down inflation to more tolerable levels" warranted increasing the LAF repo rate.
    • Analysts had expected the RBI to leave the rate as it was.
    • The central bank also started to reverse recent measures it took to calm volatility in the forex market, lowering the marginal standing facility rate by 75 bps to 9.5%.
    • The RBI's actions rocks shares, with the Sensex -2.5% after being -0.2% prior to the decision. The rupee plunges briefly before stabilizing somewhat and the USD-INR is now +0.3% at 62.38 (PR)
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Sep. 20, 2013, 2:40 AM | 1 Comment
  • Sep. 5, 2013, 12:49 PM
    • For a second straight day, Indian stocks rise sharply — Sensex +2.2% — with banks leading the way, as new RBI governor Raghuram Rajan has apparently managed to instill some confidence in the market. (previous)
    • In addition to the creation of inflation indexed savings certificates and the issuance of long-awaited new banking licenses, Rajan will open FX swap lines between banks and the RBI (see diagram) a move BofA says may boost the country's flagging reserves by $10B.
    • "This is exactly what the market wanted to hear," one Mumbai-based banker says. Apparently so — shares of India's largest lender HDFC Bank (HDB +7.1%) rose 8% Thursday, fueling what Bloomberg says was the largest rally in the S&P BSE India Bankex index in four years.
    • The WisdomTree India Earnings Fund (EPI +1.8%), ICICI Bank (IBN +12.3%), The WisdomTree Indian Rupee Fund (ICN +0.3%).
    • Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.
    | Sep. 5, 2013, 12:49 PM
  • Sep. 3, 2013, 8:50 AM
    • The Sensex broke a 3-day winning streak, tumbling 3.5% as the rupee fell as much as 2% amid worries India is set to be downgraded. An S&P report says the chances of an Indian downgraded are higher than those for Indonesia.
    • Goldman cuts its fiscal year GDP growth forecast to 4% from 6%, and now expects the rupee to fall as low as 72 to the dollar in the next 6 months. It takes just more than 67 rupees to buy a greenback at the moment.
    • EPI -3.4% premarket.
    • ICICI Bank (IBN) -3.5%, HDFC Bank (HDB) -3.8% premarket.
    • Equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • Rupee: ICN, INR.
    | Sep. 3, 2013, 8:50 AM | 2 Comments
  • Aug. 29, 2013, 7:10 AM
    • The sale of 5% of its stake in state-owned miner Coal India should raise about $1.16B for the government amid budget pressure, a record current account deficit, and a slowing economy.
    • Seven banks, including Goldman and Deutsche, have been selected to manage the sale which could take place in October, reports Reuters, citing sources.
    • The Sensex rose for a 2nd straight day overnight, +2.3% as the central bank promised to sell dollars to the country's oil importers.
    • EPI +2.3% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | Aug. 29, 2013, 7:10 AM
  • Aug. 28, 2013, 7:58 AM
    • IBN's 2.8% premarket decline comes on the heels of yesterday's 5.7% dive and a 41% fall YTD. The rupee is having its worst session in decades, off nearly 4% vs. the greenback. The Sensex however, managed to reverse a sizable early loss to close slightly in the green.
    • The WisdomTree India Earnings Fund (EPI) - not currency-hedged like WisdomTree's popular Japan Hedged Equity Fund - is off 3.2% premarket.
    • Another Indian bank traded with reasonable volume here, HDFC Bank Limited (HDB) is off 1.4% premarket.
    • Other India equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • The Indian Rupee Fund (ICN) is off 15% YTD with all of the loss coming since May (about the time the U.S. Treasury market cracked).
    | Aug. 28, 2013, 7:58 AM
  • Aug. 28, 2013, 3:29 AM
    • The rupee's collapse shows no sign of abating, with India's currency hitting yet another record low of 68.71 to the dollar. The USD-INR is now +2.9% at 68.225, while shares are down again, dropping 1.1%.
    • "It is just impossible to put any realistic value to the rupee any more," says forex dealer Uday Bhatt.
    • Foreign investors are fleeing the country, selling almost $1B of shares in the eight session through yesterday, although net purchases for 2013 are $12B. Bond outflows this year are $4.5B.
    • Complicating matters for India is that the prices of gold and oil, its biggest imports, are surging this week due to the tension with Syria.
    • The rupee's slide comes despite the government taking measures to try to stem the tide. The latest proposal is to create swap agreements with other countries to reduce demand for foreign currencies.
    • The collapse in the rupee is causing havoc with companies such as Whirlpool of India (WHR), as the trend is boosting import costs at the same time that consumer spending is falling.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Aug. 28, 2013, 3:29 AM
  • Aug. 27, 2013, 3:20 AM
    • India's rupee has dropped to more record lows against the dollar and shares have plunged after the country's Lower House of Parliament approved a $20B plan to provide cheap grain for the poor, or almost 70% of the country's 1.2B people.
    • The bill has prompted concerns that it will add to India's fiscal deficit.
    • The USD-INR is +2.3% to 65.805 after earlier hitting 65.93. The currency has plummeted this year for a variety of reasons, including the lack of economic reform and the the Fed's intention to start tapering its QE program.
    • The Sensex is -2.3%.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Aug. 27, 2013, 3:20 AM | 3 Comments
  • Aug. 23, 2013, 3:15 AM
    • The India rupee has recovered a bit after yesterday touching another record low of 65.561 to the dollar. The USD-INR is now 64.6, +0.1% on the day, while shares are +0.5%.
    • Finance Minister Palaniappan Chidambaram and Reserve Bank of India Governor Duvvuri Subbarao sought to calm markets by pledging that India has no intention of introducing capital controls, including on repatriation.
    • The comments came after the RBI last week imposed restrictions on Indians' movement of money outside the country, which helped spark a rout in the already weak rupee.
    • In its annual report, the RBI painted a rather grim picture of India's situation, although Chidambaram expressed confidence that growth will pick up and that the country's huge current account deficit - a major cause of concern - will fall.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Aug. 23, 2013, 3:15 AM
  • Aug. 22, 2013, 5:22 AM
    • Emerging-market currencies have continued to suffer losses following the release of the latest FOMC minutes yesterday, which provided little clarity about when the Fed might start tapering its QE program but left the market expecting that it will be next month.
    • Ten-year Treasury yields are +2 bps at 2.916%. The recent spike in U.S. debt yields has caused borrowing costs to rise globally, which, along with the rising dollar, has not been healthy for emerging markets with large current account deficits, such as India.
    • USD-INR is +0.5% at 65.045 Indian rupees, with the currency hitting a new low of 65.55 earlier.
    • USD-TRY +0.4% at 1.9861 Turkish lira, with the currency hitting a new low of 1.9886 earlier.
    • USD-IPR +2.1% at 11,050 Indonesian rupiah.
    • USD-MYR +0.6% at 3.3102 Malaysian ringgit.
    • USD-THB +0.4% at $32.036 Thai Baht.
    • ETFs: CEW, AYT, JEM, PGD, ICN, INR
    | Aug. 22, 2013, 5:22 AM
  • Aug. 21, 2013, 4:37 AM
    • The Reserve Bank of India has has said it will buy 80B rupees ($1.26B) of long-dated government bonds on Friday and reduce weekly sales of cash-management bills to rein in a surge in yields. The bank could make further purchases, depending on market conditions.
    • The move comes after a series of tightening measures that unsuccessfully attempted to stem the free-fall in the rupee. Not only did the measures fail, they also caused a cash crunch that led banks to raise deposit and lending rates.
    • Indian shares are -1.4%, adding to sharp falls over the last few sessions.
    • Yields on 10-year government bonds plunge 57 bps to 8.35%.
    • However, the rupee weakens again after recovering yesterday following RBI intervention in the currency markets. The USD-INR is +1.45% at 64.04.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR (PR)
    | Aug. 21, 2013, 4:37 AM
  • Aug. 19, 2013, 4:16 AM
    • 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.
    | Aug. 19, 2013, 4:16 AM
  • Aug. 16, 2013, 5:03 AM
    • Measures by the Reserve Bank of India to try to boost the rupee seem to be backfiring - for now - with the currency hitting a record low of 62.13 to the dollar earlier today. The USD-INR is now +0.7% at 61.87.
    • Meanwhile, shares are -3.4% on fears the RBI is losing credibility.
    • Earlier this week, the RBI said it would cap forex outflows for local firms and residents, steps that economist Radhika Rao says could be perceived as "tantamount to quasi-capital controls." Foreign investors could "rethink plans to invest on fear of controls."
    • Not helping the rupee's cause is the fevered expectation that the Fed will soon start tapering, a prospect that is helping the dollar to strengthen.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Aug. 16, 2013, 5:03 AM | 8 Comments
  • Jun. 11, 2013, 4:54 AM

    The Indian rupee (INR) hit a fresh record low of 59 to the dollar earlier today and is down by over 7% since the start of May. The currency has been hit by India's ballooning current-account deficit, the country's economic slowdown, and speculation about the tapering of the Fed's QE program. The rupee's weakness limits the central bank's options to cut interest rates when it meets next week.

    | Jun. 11, 2013, 4:54 AM | 1 Comment
ICN Description
WisdomTree Indian Rupee Fund seeks to achieve total returns reflective of both money market rates in India available to foreign investors and changes in value of the Indian Rupee relative to the U.S. dollar.
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Country: India
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