Daily Digest Market Movers: Indian Rupee remains strong amid geopolitical challenges
- India’s Current Account Deficit narrowed to $10.5 billion in the quarter that ended December 2023 (Q4) from $11.4 billion in the previous reading, 1.2% of Gross Domestic Product (GDP).
- S&P Global raised India's GDP growth forecast for FY25 to 6.8%, lower than the RBI’s projection of 7%. Additionally, S&P expects RBI to cut rates by 75 bps by the end of this fiscal year.
- The US Conference Board’s Consumer Confidence dropped to 104.7 from a downwardly revised 104.8 in February.
- The Durable Goods Orders for February rose to 1.4% in February from a 6.9% fall in January, better than estimated.
- Atlanta Fed President Raphael Bostic suggested that the US central bank should only cut rates once this year as the US economy and inflation slow gradually.
- Chicago Fed President Austan Goolsbee said that three cuts in 2024 were consistent with his views, but the Fed must see progress in inflation and strike a balance with its dual mandate.
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