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OCBC strategists Sim Moh Siong and Christopher Wong highlight that USD/INR has dropped sharply as RBI’s targeted regulatory measures curbed speculative positioning and tightened market microstructure. Stricter limits on net open FX positions and restrictions on INR NDFs have constrained USD long building. With bullish momentum fading, they see consolidation now but more downside in USD/INR if Iran tensions de-escalate.
"USDINR has traded sharply lower the past few sessions, owing to RBI’s targeted regulatory measures at curbing speculative positioning and tightening market microstructure."
"The measures include stricter limits on net open FX positions in INR at USD100mn, effective 10 April."
"This effectively forces banks to scale back long USD (short INR) positions, in turn providing support for INR."
"Taken together, these measures effectively constrained the market’s ability to build USD long positions, in turn compressing speculative demand and forcing a rebalancing of positioning."
"There could be more room for USD/INR to fall should geopolitical de-escalation in Iran comes into sight."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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OCBC strategists Sim Moh Siong and Christopher Wong highlight that USD/INR has dropped sharply as RBI’s targeted regulatory measures curbed speculative positioning and tightened market microstructure.
白银（XAG/USD）周三呈现积极偏向，受益于美国与伊朗达成为期两周的停火协议后美元普遍走弱。截至发稿时，XAG/USD交投于约74.50美元，日内上涨近2%，此前触及77.65美元的日内高点。
Silver (XAG/USD) trades with a positive bias on Wednesday, supported by a broadly weaker US Dollar following a two-week ceasefire agreement between the United States and Iran. At the time of writing, XAG/USD is trading around $74.50, up nearly 2% on the day after hitting an intraday high of $77.65.
黄金（XAU/USD）周三上涨，但较当天早些时候触及的三周高点4857美元有所回落，因油价下跌压制美元，美元指数（DXY）跌至四周低点。截至发稿，黄金/美元报4735美元，上涨超过0.70%。
Gold (XAU/USD) advances on Wednesday, yet trades off a three-week high of $4,857 hit earlier in the day, as falling Oil prices weighed on the US Dollar, which weakened to a four-week low in the US Dollar Index (DXY). At the time of writing, the XAU/USD pair trades at $4,735, up more than 0.70%.
美联储（Fed）3月会议纪要于周三公布，强化了美联储坚定处于观望状态的观点，但同时越来越认识到风险正变得更加平衡。
The Minutes from the Federal Reserve’s (Fed) March meeting, released on Wednesday, reinforce the idea that the Fed is firmly in wait-and-see mode, but with a growing recognition that risks are becoming more balanced.
富国银行经济学家现在预计，美联储（Fed）将因油价上涨和通胀更为顽固而推迟宽松政策。
Wells Fargo economists now expect the Federal Reserve (Fed) to delay easing in response to higher Oil prices and stickier inflation.