Daily Digest Market Movers: Indian Rupee remains amid global headwinds
- Citing six brokers, Reuters reported the RBI’s soon-to-be-implemented regulation saying exchange-traded rupee derivative transactions can be used only for hedging would cause volumes to plunge more than 80%.
- The World Bank forecasts the Indian economy to grow by 7.5% in 2024, revising its previous forecast by 1.2%.
- The US Services PMI eased to 51.4 in March from 52.6 in February, weaker than the estimation of 52.7, according to the Institute for Supply Management (ISM). A measure of prices paid dropped to a four-year low, arriving at 53.4 versus 58.6 prior.
- Private sector employment in the US rose by 184K in March from the 155K increase (revised from 140K) in February, above the market consensus of 148K, Automatic Data Processing (ADP) showed.
- Fed Chairman Jerome Powell emphasized that he doesn’t expect it will be appropriate to lower the policy rate until inflation is moving sustainably down toward the 2% target, keeping the timing of potential interest rate cuts uncertain.
- Fed Governor Adriana Kugler said on Wednesday that she believes inflation will continue to fall this year and pave the way for the central bank to cut interest rates.
- Atlanta Fed President Raphael Bostic stated that the central bank should not cut its benchmark interest rate until the end of this year, as he maintained his view that the Fed should cut the rate only once over the course of 2024.
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