# macrominds.in

> Brainstorming Indian Markets


## Posts

- [Undervalued, By Which Yardstick?](https://macrominds.in/home/home/undervalued-by-which-yardstick/): The October MPC said the rupee may be undervalued. The data says volatility is ordinary and hedgers are prudent. This piece doesn’t argue with the RBI.
- [RBI draws a line at 97: smart plumbing, risky controls](https://macrominds.in/home/home/rbi-draws-a-line-at-97-smart-plumbing-risky-controls/): An OMO sale, a tighter CRR floor, a dollar window for oil companies and new FX derivative curbs.
- [October MPC: The Hike Is Priced — Liquidity Is the Real Trade](https://macrominds.in/home/home/october_mpc/): A 25 bps hike is in the price. The trade on Wednesday is how the RBI drains a ₹6.6 lakh crore surplus — and what that means for bonds and the rupee.
- [When Central Banks Print, Currencies Move](https://macrominds.in/home/home/decoding-inr-through-the-rbi-fed-balance-sheet-lens/): Exchange rates follow money. Over two decades of RBI and Fed balance sheet data, one relationship holds with striking consistency — when RBI prints faster than the Fed, the rupee weakens; when the Fed outprints RBI, appreciation pressure builds. This article constructs an Implied INR framework using that balance sheet ratio, maps it against actual.
- [The $127bn Hangover](https://macrominds.in/home/home/the-127bn-hangover/): RBI won the dollar battle. The way it is mopping up the rupees may cost it the BoP war.
- [Desk Diary: The Day Fixed Income Traders Won't Forget in a Hurry](https://macrominds.in/home/home/desk-diary-the-day-fixed-income-traders-wont-forget-in-a-hurry/): Gap-down open, a failed VRRR, an RBI TV byte that gutted the 5-year — and RBI's punishment
- [The $127 Billion Magic Trick: How RBI Bought Time, and What It Cost](https://macrominds.in/home/home/the-127-billion-magic-trick-how-rbi-bought-time-and-what-it-cost/): Every good magic trick has a moment where the audience forgets to ask "wait, how?" This is that question, answered.
- [RBI Buys Time with a $5 Billion FX Swap](https://macrominds.in/home/home/rbi-buys-time-with-a-5-billion-fx-swap/): RBI has signalled another round of “liquidity via FX” by announcing a fresh USD/INR FX swap of around USD 5 billion, effectively repeating the playbook it used through 2025–26 to inject durable rupee liquidity.
- [The Unknown Man in the INR Market](https://macrominds.in/home/home/the-unknown-man-in-the-inr-market/): Every rupee selloff gets the same explanation — crude, FPI outflows, and offshore NDF demand.
- [“India Keeps Buying Gold. Maybe Households Are Right and Economists Are Wrong.”](https://macrominds.in/home/home/india-keeps-buying-gold-maybe-households-are-right-and-economists-are-wrong/): Every few years, India rediscovers gold.
- [RBI’s Forward Short Book: Why the Market Is Paying Attention](https://macrominds.in/home/home/rbis-forward-short-book-why-the-market-is-paying-attention/): RBI’s short forward book crossing the $103 billion mark is a big number, but the real story is in why it has grown so fast.
- [Hello World!!!](https://macrominds.in/home/home/hello-world-2/): This is the first post on this platform. It is also the most personal one I will write.

## Pages

- [Rates & G-secs](https://macrominds.in/home/home/rates-g-secs/)
- [Currency](https://macrominds.in/home/home/currency/): Currency Desk · INR Undervalued, By Which Yardstick? Three Questions the Rupee Market Is Asking The October MPC said the rupee may be undervalued.
- [Articles](https://macrominds.in/home/home/articles/)
- [Home](https://macrominds.in/home/home/): Deep-dive insights, technical breakdowns, macro views, and original research on Indian equity markets — by traders, for traders.
- [Market Insight](https://macrominds.in/home/home/market-insight/): Currency Desk · INR Undervalued, By Which Yardstick? Three Questions the Rupee Market Is Asking The October MPC said the rupee may be undervalued.
- [Latest Post](https://macrominds.in/home/home/latest-post/): Currency Desk · INR Undervalued, By Which Yardstick? Three Questions the Rupee Market Is Asking The October MPC said the rupee may be undervalued.
- [Contribute](https://macrominds.in/home/home/contribute/): Have a market view worth sharing? This platform is yours too.
- [Macro Economy](https://macrominds.in/home/home/macro-economy/): Currency Desk · INR Undervalued, By Which Yardstick? Three Questions the Rupee Market Is Asking The October MPC said the rupee may be undervalued.
- [About](https://macrominds.in/home/home/about/): Bond & FX Minds is an independent, non-profit digital platform dedicated to rigorous, unbiased analysis of India's financial markets.

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