Daily Digest Market Movers: Indian Rupee gathers strength amid strong foreign portfolio investors (FPIs) inflows
- The HSBC India Manufacturing PMI eased to 56.7 in September from the previous reading of 57.5.
- India's foreign exchange reserves rose by $223 million to a new all-time high of USD 689.458, according to the Reserve Bank of India (RBI) data released on Friday.
- India is estimated to become the world’s third-largest economy by 2030–2031, according to S&P Global India. The country is forecast to grow at an annual rate of 6.7%.
- Philadelphia Fed President Patrick Harker noted on Friday that the US central bank has effectively navigated a challenging economy over the last few years. Harker added that there is a risk that inflation decline could stall and the labor market could soften.
- Fed Governor Michelle Bowman said cutting interest rates by a half percentage point this week risked signaling the Fed was declaring victory over inflation too early, per Bloomberg.
- Fed Governor Christopher Waller stated on Friday that the decision to cut interest rates by an accelerated 50 bps was the right choice, but we can see a lot of room to move down in the next 6 to 12 months, adding that the Fed could even pause, depending on the data.
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