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Market Vectors Indian Rupee/USD ETN (INR)

- NYSEARCA
  • Thu, Jan. 15, 4:02 AM
    • India’s central bank surprised the market with an early-morning rate cut today in a move to help improve growth in Asia’s third-largest economy.
    • Stocks, bonds and the rupee surged after Governor Raghuram Rajan lowered the repurchase rate to 7.75% from 8%, the first rate reduction in nearly two years, as lower food and oil prices cooled inflationary pressures.
    • India's NSE index is up 2.7%.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, ICN, INR, SMIN, INCO
    | 4 Comments
  • Jul. 25, 2014, 4:02 AM
    • India has opposed the World Trade Organization's new global customs agreement, infuriating fellow member countries which have tried to seal India's trade facilitation deal since it was agreed to at talks in Bali last December.
    • Despite demanding global trade reform, India says it will veto the deal until it secures rights linked to its system of subsidizing and stockpiling crops.
    • WTO members state that Delhi's veto will be costly, economically and politically.
    • The deadline for the deal is July 31 and any suggestion to postpone it is likely to be rejected.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, ICN, SCIN, INR, SMIN, INCO
    | Comment!
  • May. 16, 2014, 2:21 AM
    • Narendra Modi's opposition Bharatiya Janata Party is on course for India's biggest election victory in thirty years, with counting showing that the BJP and its allies are ahead in 324 out of 542 seats in the lower house of parliament, well above the 272 seats needed for a majority. The BJP might even win over half the seats on its own.
    • The ruling Congress Party has apparently conceded defeat and is headed for its worst loss ever, leading in just 75 seats.
    • Indian markets are partying at the prospect of a stable government that's perceived as business friendly and committed to economic reform. The Sensex is +4.2% and the USD-INR is -1.15% at 58.766 rupees.
    • Live election blogs: Indiatoday, Guardian, BBC
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 3 Comments
  • May. 13, 2014, 3:09 AM
    • India's Bharatiya Janata Party appears to have won the country's general election, with exit polls showing that the BJP and its allies have racked up anything from 249 to 340 seats in the lower house of parliament.
    • The ruling Congress Party may have slumped to just 97-150 seats - anything under 114 would represent its worst showing ever.
    • With the chamber comprising 545 seats, 273 are needed for a majority. The official results are due out on Friday.
    • However, it's worth noting that Indian exit polls have been notoriously inaccurate in previous elections.
    • Still, shares continued to rally at the prospect of a stable business-friendly government led by a party whose leader, Narendra Modi, has pledged reform to revive the country's stumbling economy.
    • Data highlighted how India is facing stagflationary conditions. April CPI strengthened to +8.6% on year from 8.3% in March and topped consensus of 8.5%. Industrial production fell 0.5% in March, although that was better than consensus of -1.5%.
    • The Sensex is +1.5%, but the rupee is weaker and the USD-INR is +0.6% to 59.866 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • 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
    | 3 Comments
  • Apr. 8, 2014, 7:57 AM
    • Alongside rallying emerging market equities is a comeback for their currencies as investors grow comfortable with the taper. Also at work is tighter monetary policy in the emerging markets - Turkey, South Africa, and Russia have all boosted rates this year, and Brazil is nearing the end of a year-long rate hike cycle.
    • "The appeal of the carry trade has returned. Emergency measures by emerging market central banks have rendered yields much higher, and hence emerging market currencies are much more attractive to hold," says SocGen's Phoenix Kalen.
    • ETFs: CYB, CNY, BZF, CEW, ICN, INR, FXCH, INCO, AYT, PGD, JEM
    | Comment!
  • Apr. 1, 2014, 2:12 AM
    • As expected, the Reserve Bank of India (RBI) has kept its benchmark repurchase rate at 8% and its cash-reserve ratio at 4%. The latter is closely watched and determines how much capital reserves banks should keep.
    • The decision follows a fall in inflation and is the last before India starts a month-long general-election process on Sunday.
    • The Sensex is -0.1%, while the USD-INR is -0.1% at 60.060 rupees. (PR)
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • 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
    | Comment!
  • Mar. 14, 2014, 4:12 AM
    • India's wholesale-price index weakened to a nine-month low of +4.68% on year in February from +5.05% in January and came in below consensus of +4.9%.
    • The falling WPI adds to declining CPI as the the Reserve Bank of India focuses on reducing inflation, with the RBI hiking interest rates three times since September.
    • “We need to see a sustained drop in inflation for the central bank to start cutting rates," strategist Tirthankar Patnaik said before the WPI report. "We don't expect the RBI to change its stance in a hurry as price pressures remain in the economy."
    • The Sensex is -0.8% and the USD-INR is -0.2% 61.371 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 13, 2014, 3:43 AM
    • Indian consumer inflation fell for the third consecutive month, dropping to 8.1% on year in February from 8.79% in January and coming in below consensus of 8.3%.
    • The decline comes as the Reserve Bank of India  considers setting a CPI target after having raised interest rates three times since September.
    • Meanwhile, industrial output surprisingly grew for the first time in four months, expanding 0.1% in January vs expectations for a contraction of 0.9%.
    • The Sensex is +0.4% and the USD-INR is +0.1% 61.026 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 5, 2014, 4:58 AM
    • India's government has called the what is set to be world's largest ever election, with 814M people registered to vote. A nine-stage process is due to start on April 7 and the results are scheduled for May 16.
    • The favorite to gain the most seats in parliament is the Bharatiya Janata Party (BJP) led by Narendra Modi, who has the backing of big business and has built up support amongst the middle classes. He touts a strong economic record as chief minister of the state of Gujarat, and has pledged job creation, efficient government, and to make trade a focus of foreign policy.
    • However, the BJP is not expected to win a majority in parliament, which could make enacting reform tricky.
    • Modi is up against the ruling center-left Congress Party headed by Rahul Gandhi of the Nehru-Gandhi dynasty.
    • Companies have delayed investments until after the election, and while this might slow the economy before the ballot, as HSBC says, "pent-up demand is set to be released after the elections are over."
    • The Sensex is +0.3%.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • Feb. 21, 2014, 7:55 AM
    • Count Goldman Sachs Asset Management and William Blair Investment Management as buyers of the rupee as it tries to recover from record lows set last summer (it's up about 10% since).  It looks "cheap" relative to India's improving external finances, says Goldman, taking a "small long" position.
    • William Blair has poured 20% of its foreign-exchange holdings  into the rupee - enticed by the higher yield and inexpensive valuation, says its Brian Singer. A dollar-based investor will 9% interest owning the rupee this year, the 2nd-largest return in Asia, according to Bloomberg.
    • "Current-account numbers have been the key driver because it’s a very transparent measure of whether the policy prescriptions are having an impact," says Goldman's Philip Moffitt, “If you can find something that’s relatively cheap and the fundamentals appear to be improving, it’s usually a good mix.”
    • Rupee ETFs: ICN, INR, INCO
    • India stock ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | 1 Comment
  • Feb. 17, 2014, 4:12 AM
    • India intends to raise 569.25B rupees ($9.17B) from the sales of holdings in state-run firms in 2014-2015.
    • The plan is part of an interim budget that the government introduced today ahead of elections, which are due to take place by May.
    • The government intends to limit the budget deficit to 4.6% of GDP in 2013-14 and believes that it needs to be lowered to 3% by 2016-17.
    • The government also predicted FY 2014 growth of 4.9%.
    • The Sensex is +0.4% and the USD-INR is +0.2% at 61.981 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 1 Comment
  • Feb. 14, 2014, 2:52 AM
    • India's wholesale-price index slowed to +5.05% on year in January from +6.2% in December and was below forecasts of 5.6%.
    • The WPI data adds to a reading which showed that CPI eased to +8.8% last month from +9.9% in December.
    • The falling inflation comes as the Reserve Bank of India focuses on reducing consumer prices, with the RBI hiking interest rates three times since September.
    • However, economist Suvodeep Rakshit says that with inflation softening, "there is no case for raising rates" at this time. "At the same time, given that core inflation is still high, the central bank won't have room to cut rates."
    • The Sensex is +0.2% and the USD-INR is +0.2% 62.285 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 13, 2014, 3:06 AM
    • Indian CPI eased to the lowest level in two years in January, falling to +8.79% on year from +9.87% in December and coming in below consensus of +9.2%.
    • The drop comes amid a concerted effort by the Reserve Bank of India to fight inflation, with the RBI surprisingly raising its key repo rate by 25 bps to 8% at the end of last month.
    • The Sensex is -0.7%, while the USD-INR is +0.6% at 62.22 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 3, 2014, 8:43 AM
    | Comment!
INR vs. ETF Alternatives
INR Description
The Market Vectors-Indian Rupee/USD ETN seeks to track the performance of the S&P Indian Rupee Total Return Index (SPCBINR).
See more details on sponsor's website
Country: India
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