Daily Digest Market Movers: Indian Rupee gains ground amid multiple challenges
- The Reserve Bank of India's Monetary Policy Committee (MPC) is expected to keep the policy rate at 6.5%. Market experts believe that the RBI is likely to give up its hawkish tilt and pivot to a neutral stance on Thursday.
- "Domestic policy focus is to boost manufacturing and exports, for which one of the things that we may require is a slightly cheaper currency, but current account deficit trends have favored a less undervalued currency," said Dhiraj Nim, a FX strategist at ANZ.
- S&P Global Ratings noted on Tuesday that India stands out both on growth and external fronts amongst the South Asian countries, and the trajectory of the government's fiscal deficit will decide on the direction of sovereign ratings.
- India's economy is expected to expand by 7.0–7.2% in the current fiscal year, owing to strong economic fundamentals and the continuation of domestic policy reforms, according to Deloitte India.
- The US trade deficit narrowed to $73.1 billion in June as the value of exports of goods and services increased by the most since earlier this year, Commerce Department data showed Tuesday
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