Daily digest market movers: Indian Rupee remains flat amid uncertainties
- India’s Prime Minister Narendra Modi said on Monday that the RBI must prioritize the country's economic growth and also ensure the rupee is made more accessible and acceptable globally. ”
- India's GDP will be the fastest expanding among the G-20 countries by 2024. In the previous three quarters, India's GDP grew by 7.8% in Q1, 7.6% in Q2, and 8.4% in Q3.
- The US ISM Manufacturing PMI climbed to 50.3 in March from 47.8 in the previous reading, above the market consensus of 48.4. The reading registered the highest level since September 2022, with increased production and new orders,
- Investors have priced in nearly 61% odds of the Fed cutting rates by 25 basis points (bps) in June, up from 55.2 before the data release, according to the CME FedWatch Tool.
- Fed Chairman Jerome Powell said on Friday that recent US inflation data was in line with expectations and that the Fed's goal for the interest rate this year remained unchanged.
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