Daily digest market movers: Indian Rupee remains strong amid global factors
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) is expected to keep the repo rate unchanged at 6.50% in the first policy review of 2024-25 on Friday, according to the ET poll.
- In FY25, the inclusion of India's sovereign bonds in JPMorgan's Government Bond Index-Emerging Markets (GBI-EM) index could bring in $30 billion in foreign inflows into India. This is expected to contribute to a rise in the Indian Rupee versus the US Dollar.
- The INR has depreciated 1.4% so far this financial year due to a weakening Chinese Yuan, excessive USD shortage in the system, higher US Dollar Index (DXY), and higher crude prices, as per Bloomberg data.
- The US Personal Consumption Expenditures Price Index (PCE) climbed 2.5% YoY in February, in line with the market consensus. The monthly PCE figure came in worse than expected, rising 0.4% MoM in the same month.
- The US Core PCE, the Fed’s preferred inflation measure, rose 2.8% YoY and 0.3% MoM in February, aligning with the market expectation.
- Investors have priced in nearly 68.5% odds of a first Fed rate cut in June, down from nearly 75% last week, according to the CME FedWatch Tool.
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