Daily Digest Market Movers: Indian Rupee remains vulnerable amid the uncertainties
- India's Flash HSBC Manufacturing Purchasing Managers' Index (PMI) came in at 59.2 versus 56.9 prior. The Services PMI arrived at 60.3 in March, versus 60.6 in the previous reading.
- The US S&P Global Manufacturing PMI rose to 52.5 in March from 52.2 in February, above the estimation of 51.7. The Services PMI eased to 51.7 in March from the previous reading of 52.3. The Composite PMI arrived at 52.2 in March versus 52.5 prior.
- The US weekly Initial Jobless Claims for the week ending March 15 dropped 2,000 to 210K from 212K in the previous week.
- The Fed held the rate steady at 5.25–5.50% at its March meeting on Wednesday, with the median dot plot for 2024 unchanged from the 75 basis points (bps) of cuts shown in the December projections.
- Fed chair Jerome Powell said on Wednesday that the upside surprises on US inflation data in January and February haven't changed the overall story that inflation is heading down gradually, on a somewhat bumpy road
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