Daily Digest Market Movers: Indian Rupee weakens ahead of PPI report
- The Indian Wholesale Price Index (WPI) inflation is estimated to ease from 3.36% YoY in June to 2.39% in July.
- India and Russia are looking at establishing a benchmark Rupee-Ruble exchange rate to allow direct trade between the two countries, rather than using the USD due to Western sanctions on Moscow, according to the Economic Times.
- The US Producer Price Index (PPI) for final demand in the US came in softer than expected at 2.2% YoY in July, from 2.7% in June, according to the Bureau of Labor Statistics on Tuesday.
- The core PPI, which excludes volatile food and energy prices, rose 2.4% YoY in July, compared to the previous reading of 3.0%, lower than the market consensus of 2.7%.
- On a monthly basis, the headline PPI rose 0.1% in July, while the core PPI remained unchanged in the same period.
- Atlanta Fed President Raphael Bostic said on Tuesday that he is looking for “a little more data” before supporting lower interest rates.
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