Daily Digest Market Movers: Indian Rupee extends decline amid global factors
- The International Monetary Fund (IMF) on Tuesday raised its economic forecasts this year for China, India, and Europe. India’s economy is estimated to grow 7% from the 6.8% the IMF had projected in April, owing to stronger consumer spending in rural areas.
- Fed Governor Christopher Waller said on Wednesday that the US central bank is ‘getting closer’ to an interest rate cut as inflation's improved trajectory and a labor market in better balance.
- Richmond Fed President Thomas Barkin said he is "very encouraged" that easing in inflation has begun to broaden and he would like to see it continue.
- The US Building Permits increased by 3.4% to 1.446 million in June from 1.399 million in May, while Housing Starts for the same period rose by 3.0% to 1.353 million from 1.314 million.
- US Industrial Production climbed 0.6% MoM in June from the previous reading of 1.0%, beating the estimation of a 0.3% increase.
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