Daily digest market movers: Indian Rupee seems vulnerable amid higher crude oil prices and global factors
- Oil prices edge higher to their highest level in five months, propelled by concerns that rising tensions in the Middle East could crimp supply.
- India’s HSBC Manufacturing PMI rose to 59.1 in March from the flash estimate of 56.9, below the market consensus of 59.2.
- RBI would allow exchanges to offer forex derivative contracts involving the INR only for contracted exposure or hedging, compared to the current allowance of up to $100 million without any explicit underlying exposure. The rule will come into effect on April 5.
- The RBI's MPC decided to keep the benchmark interest rate unchanged at 6.5% for the sixth straight meeting at its last meeting in February, citing inflationary concerns, and decided to remain focused on the withdrawal of accommodation.
- Cleveland Fed President Loretta Mester said on Tuesday that she expects rate cuts this year but ruled out the next policy meeting in May.
- San Francisco Fed President Mary Daly stated she thinks three rate cuts in 2024 seem "reasonable," but she needs more convincing evidence to confirm it.
- According to the CME FedWatch Tool, investors are now pricing in about a 65% odds of a rate cut by June, down from about 70% after the Fed's March meeting.
- The US February JOLTS Job Openings climbed to 8.756M in February from a downwardly revised 8.748M in January, better than the market estimation.
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