Daily Digest Market Movers: Indian Rupee remains weak amid the global headwinds
- The Foreign Direct Investment (FDI) in India was $25.53 billion, and outflows were $10.11 billion in April 2023-January 2024.
- The net FDI declined 38.4% YoY to $15.41 billion in the first 10 months of this financial year, according to the Reserve Bank of India’s (RBI) March 2024 bulletin.
- The Federal Open Market Committee (FOMC) is widely expected to keep its key federal funds interest rate unchanged in a range of 5.25% to 5.5% and maintain macroeconomic projections at its March meeting on Wednesday.
- Analysts anticipate FOMC’s Powell to reiterate that the central bank wants to see evidence of inflation data in its battle against inflation before cutting rates.
- The US New Home Sales climbed to 10.7% MoM in February from a 12.3% fall in January. Meanwhile, Building Permits rose to 1.9% from a 0.3% decline in the previous reading.
- According to the CME FedWatch Tool, markets have priced in a 63% odds that the Fed will begin the first rate cut in June, with a total of three quarter-point rate cuts this year.
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