Daily Digest Market Movers: Indian Rupee remains firm amid RBI’s Intervention
- Between January and March 2023, India's gold demand was 126.3 tonnes, which increased by 8% to 136.6 tonnes this year, according to a World Gold Council report.
- The Federal Reserve (Fed) kept its benchmark short-term borrowing rate in a targeted range between 5.25% and 5.50%, as widely expected.
- Fed Chair Jerome Powell emphasized that progress on inflation has stalled recently, and it would take longer than previously thought before the Fed had confidence that inflation would move toward its 2% target.
- The US ISM Manufacturing PMI came in worse than expected, falling to 49.2 in April from March's expansionary reading of 50.3.
- The ADP Employment Change showed an increase of 192,000 jobs in April from the upwardly revised March figure of 208,000, beating the 175,000 expected.
- The JOLTS Job Openings dropped to 8.488 million in March from 8.813 million in the previous reading, marking the lowest level of job openings reported.
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