Daily Digest Market Movers: Indian Rupee remains weakened amid geopolitical tension
- The CIA on Thursday reportedly warned Israel that Iran will attack within the next 48 hours after Israel attacked Tehran's consulate in Syria, killing two Iranian military leaders, per the Express.
- India’s HSBC Service PMI rose to 61.2 in March from 60.6 in February, better than market expectations.
- The INR will strengthen only marginally against the USD over the coming three months as the RBI uses its FX reserves to manage volatility and keep the currency relatively strong, according to a Reuters poll.
- The INR exchange rate would be unaffected by the recent volatility in the currency's exchange-traded derivatives, which was caused by traders unwinding positions to comply with a central bank rule, four bankers said on Thursday.
- The US Initial Jobless Claims for the week ended March 30 rose by 9,000 to 221,000 from the previous week of 212,000, below the market consensus of 214,000. The Continuing Claims declined by 19K to 1.791M in the week ended March 23.
- Fed Bank of Richmond President Thomas Barkin said disinflation is likely to continue, but the speed of that remains unclear. He further stated that maintaining rates 'somewhat restrictive' will bring inflation back to target.
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