麦格理-印度-宏观经济-美元与卢比：横盘整理-20180131-7页

Pleaserefertopage5forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.INDIADollarweaknesssupportingrupeeSource:CEIC,Bloomberg,MacquarieResearch,January2018RupeehasunderperformedotherEMcurrenciesin2018YTDSource:Bloomberg,MacquarieResearch,January2018Analyst(s)UpasanaChachra+912267204355upasana.chachra@macquarie.com31January2018MacquarieCapitalSecurities(India)Pvt.Ltd.IndiaEconomicsUS$/INR:Movingsideways?RupeehasremainedsteadybutunderperformedinthecontextofEMcurrencies:TheINRhasremainedlargelysteadyin2018YTD,movingonly0.2%aftergaining6.4%in2017.Whileatthemarginmacrostabilityconcernshaverisenasreflectedbyhigherinflation,awidertradedeficitandsteadilyelevatedoilprices,aweakerUSDhascometotherescueoftheINR.HowevertheINRhasunderperformedinthecontextofEMcurrencies.?2018tobe