Weekly Currencies Fundamental Report – 26th May 2023

USDINR: Last week, the Indian Rupee mostly had an appreciating trend on account of Adani related inflows into the system along with persistent RBI intervention into the markets. However, there were bouts of weakness in the local unit which later was curbed. Weakness was mostly due to worries over the U.S. debt ceiling that boosted the demand for safe-haven dollar.