Daily Digest Market Movers: Indian Rupee struggles to gain momentum amid the multiple challenges
- The month-end USD purchases by oil importers had exacerbated the Indian rupee's recent slide, said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
- S&P Global Ratings retained India's sovereign rating but raised its outlook from 'stable' to ‘positive’, highlighting the country's robust economic fundamentals.
- Foreign investors have sold about $2.8 billion of Indian equities in May on a net basis so far, citing concerns about the upcoming election.
- Fed Atlanta President Bostic said on Thursday that the central bank “still has a ways to go” to curb the significant price growth seen over the last few years, according to Bloomberg.
- The US economic activity continued to expand at a “slight or modest” pace, and consumers pushed back against higher prices since early April, according to the Fed's Beige Book released Wednesday.
- Investors have priced in 50% odds that the Fed will hold interest rates in September, according to the CME FedWatch Tool.
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