Daily Digest Market Movers: Indian Rupee remains sensitive to global factors
- State-run banks were offering Dollars, likely on behalf of the RBI, but the intervention was not aggressive, a foreign exchange trader at a large private bank said.
- Chief Economist for India at Deutsche Bank AG, Kaushik Das, said, “We expect both the policy repo rate and monetary stance to remain unchanged in the August policy, though we are of the opinion that the stance should change to neutral.”
- Deloitte India forecasted India's economy to grow by 7.0-7.2% in the current fiscal year due to strong economic fundamentals and the continuation of domestic policy reforms.
- US officials are confident that Hezbollah’s and Iran’s response is imminent and initial assessment predicted an early week attack, but the most recent intelligence showed any response may be delayed until Thursday or Friday, per Al Arabiya.
- Rate markets have priced in a roughly 83% chance of a 50 basis points (bps) Fed rate cut in September, with a further two cuts expected through the rest of 2024, according to the CME’s FedWatch Tool
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