Indian mutual funds restrict gold ETF investment, while the rupee faces increased pressure
Ai Focus
Despite the Indian Central Bank's intervention of an estimated $75 to $80 billion since June, pressure on the Indian rupee continues to intensify, with the exchange rate approaching 97 rupees to 1 US dollar. It is reported that after discussions with the Securities and Exchange Board of India, HDFC, Kotak Mahindra, and UTI have suspended large-scale subscriptions for their gold ETF products, in an effort to limit the potential surge in demand for gold ahead of Diwali. High oil prices, capital outflows from foreign investors, and declining foreign exchange reserves are also adding to the pressure, sparking concerns in the market about a further weakening of the rupee.
Indian mutual funds restrict gold ETF investments, while the rupee faces increased pressure
Despite the Indian Central Bank ( RBI ) having intervened with an estimated amount of $75 to $80 billion since June, the pressure on India's currency continues to intensify, and the current exchange rate for the rupee is near 97 rupees to 1 dollar.
It is reported that after discussions with the Securities and Exchange Board of India (SEBI), HDFC, Kotak Mahindra, and UTI have suspended their large-scale subscriptions for gold ETF.
The move is aimed at limiting the potential surge in demand for gold ahead of Diwali.
High oil prices, the outflow of foreign investor funds, and the decline in foreign exchange reserves are also increasing pressure, and have sparked concerns among outsiders about a further weakening of the rupee.
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