Daily Digest Market Movers: Indian Rupee edges higher, but potential upside seems limited
- “The rupee was trading in a narrow range for the past two years, and was a bit overvalued too. But now given that the dollar index is rising and other Asian currencies are depreciating, there will be an impact on the rupee too,” noted Gopal Tripathi, head of treasury and capital markets, Jana Small Finance Bank.
- The HSBC India Services PMI rose to 58.5 in October from 57.7 in September, exceeding a preliminary estimate of 58.3.
- "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation," noted Pranjul Bhandari, chief India economist at HSBC.
- A narrow majority of economists in a Reuters poll expected the RBI to cut rates by 25 bps to 6.25% in December.
- Financial markets are now pricing in nearly a 98% possibility of a quarter point reduction and near 70% odds of a similar-sized move in December, according to CME's FedWatch tool. However, traders have begun to trim bets for the number of rate cuts expected next year.
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