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Indian Rupee trades in negative territory in Monday’s Asian session. The USD month-end flows and potential RBI intervention underpin the pair.  Investors will monitor the Fed’s Bowman speech on Monday. The Indian Rupee (INR) weakens on Monday, pressured by month-end US Dollar (USD) demand from importers and likely interventions by the Reserve Bank of India (RBI). However, strong inflows and lower crude oil prices might help limit the INR’s losses.  Investors will focus on Fed Governor Michelle Bowman’s speech on Monday, which might offer some insight and outlook on the US interest rate. Also, the Chicago Purchasing Managers’ Index (PMI) and Dallas Fed Manufacturing Business Index will be released. On the Indian docket, the August Federal Fiscal Deficit is due later in the day Daily Digest Market Movers: Indian Rupee softens as USD demand weighs heavily The Indian rupee has remained largely stable against the USD in the current calendar year (CY 2024), depreciating by just 0.59% so far. Chief Economic Advisor (CEA) V Anantha Nageswaran said on Friday that the Indian economy is estimated to grow at a rate of 6.5-7% in the current financial year on a steady-state basis. The Personal Consumption Expenditures (PCE) Price Index rose by 2.2% year-over-year in August, compared to 2.5% in July, the US Bureau of Economic Analysis (BEA) showed on Friday. This figure was softer than the estimates of 2.3%.  The core PCE, which excludes the more volatile food and energy prices, climbed 2.7% YoY in August, compared to the previous reading of 2.6%,  in line with the consensus of 2.7%. On a monthly basis, the core PCE Price Index increased by 0.1% in the same report period versus 0.2% prior.  University of Michigan’s Consumer Sentiment Index rose to 70.1 in September from 66.0 in August, better than the estimates of 69.3. …

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Filed under: News - @ September 30, 2024 3:16 am