Daily Digest Market Movers: Indian Rupee remains weak amid multiple headwinds
- "In the run-up to and immediate aftermath of U.S. elections, RBI's aim will be to curb volatility in the rupee," said A Prasanna, head of research at ICICI Securities Primary Dealership.
- Foreign investors have withdrawn $10 billion from India's equity and debt markets in October, the heaviest month of selling this year.
- Nomura said on Monday that the Indian economy has entered a phase of "cyclical growth slowdown" and the RBI's estimate of 7.2% GDP expansion is "overly optimistic."
- The Indian economy is projected to expand between 6.5% and 7.0% in the current financial year, the Department of Economic Affairs stated in its monthly bulletin.
- According to the CME FedWatch tool, traders have priced in nearly 96.8% odds of a usual size rate cut of 25 basis points (bps) in November and expect a similar move in the December meeting.
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