Daily Digest Market Movers: Indian Rupee stays firm despite global headwinds
- India's foreign exchange reserves reached an all-time high of $642.49 billion for the week ended March 15, according to the Reserve Bank of India (RBI).
- The rise in foreign exchange reserves was boosted by the maturity of a $5 billion Dollar/Rupee swap that matured on March 11.
- India’s Gross Domestic Product (GDP) growth estimate for the current fiscal year has revised to 7.6% from 7.3%, signaling the strength of the Indian economy.
- The RBI is likely to keep the repo rate on hold at 6.50% at least until the end of Q2 of 2024 and expects to cut interest rates by 25 basis points (bps) in Q3 2024.
- The US February New Home Sales dropped 0.3% MoM from a 1.7% gain in January, below market expectations for a 2.3% MoM rise.
- The Dallas Fed Manufacturing Survey fell to -14.4 in March from the previous reading of -11.3.
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