Daily Digest Market Movers: Indian Rupee remains strong amid the optimistic outlook for the Indian economy
- India's CPI inflation likely eased to a five-month low of 4.91% in March but remains above the Reserve Bank of India's (RBI) 4% medium-term target as food price rises persist, per economists polled by Reuters.
- RBI Governor Shaktikanta Das said that food price volatility remains a concern as it impacts millions of poor households already heavily dependent on government food subsidies.
- The RBI said that it can manage huge inflows with ease, which means it will be able to buy Dollars and ensure that appreciation is not beyond a certain level.
- RBI stood out with its continued accumulation of gold reserves. Weekly data from the RBI revealed a 6-tonne increase in gold holdings in February alone.
- The Indian central bank continues the accumulation of gold reserves. The weekly data from the RBI indicated that gold holdings rose by 6 tonnes in February alone.
- Minneapolis Fed President Neel Kashkari noted that he penciled in two interest rate cuts this year but if inflation continues to stall, no rate cuts would be a possible scenario.
- Investors have priced in the 50% chance of rate cuts below 50% in June, from about 57% a week earlier, according to the CME’s FedWatch tool.
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