Daily Digest Market Movers: The Indian Rupee remains vulnerable amid Middle East tensions
- Trimming trade deficit, expectations of USD inflows in debt markets, and strong growth momentum have been supportive for the INR,” said Dilip Parmar, Research Analyst, HDFC Securities.
- Israeli missiles attacked a site target in Iran, ABC News said late Thursday, citing a US source, while Iranian state media claimed an explosion in the country's center days after Iran carried out a retaliatory drone strike on Israel.
- The International Monetary Fund (IMF) raised India’s GDP growth forecast for 2024–25 to 6.8% in its update to the World Economic Outlook (WEO).
- The US Initial Jobless Claims for the week ending April 13 increased below market consensus, rising by 212,000 from the previous weekly gain of 212K (revised from 211K).
- The Philadelphia Fed Manufacturing Index jumped to 15.5 in April from 3.2 in March, beating the estimation of 1.5. The US Existing Home Sales dropped by 4.3% MoM to 4.19 million from 4.38 million, worse than the anticipated 4.2 million.
- Atlanta Fed President Raphael Bostic said US inflation is expected to return to the 2% target at a slower pace than many had anticipated, adding that he’s comfortable being patient and that rate cuts are likely by year-end.
- New York Fed President John Williams said that he doesn't feel an urgency to cut rates and that monetary policy is in a good place.
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