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Indian Rupee loses ground on the renewed US Dollar demand on Monday.  The Reserve Bank of India (RBI) anticipated a 6.5% expansion in the Indian economy from July to September. Indian GDP data (Q2) and US growth numbers (Q3) will be the highlight this week.  Indian Rupee (INR) edges lower on Monday amid US Dollar (USD) demand. IPO-related inflows offered some support to the Indian rupee last week, but the INR struggled to gain ground as the sustained Dollar demand from domestic firms kept the pressure on. Underlying growth trends continue to look robust in India, with activity underpinned by domestic consumption.  Retail inflation has slowed as a result of monetary policy and supply-side initiatives. The Reserve Bank of India (RBI) had projected 6.5% growth in the Indian economy for July to September. RBI Governor Shaktikanta Das said the growth figure would surprise on the upside.  However, RBI’s Das said the Indian economy is still not out of the woods and has a long way to go. Additionally, a global economic slowdown and a decrease in government capital expenditure could potentially moderate the nation’s growth trajectory. The Indian market is closed on Monday for the Guru Nanak Jayanti holiday. The spotlight this week will be India’s Gross Domestic Product (GDP) Quarterly for the second quarter (Q2) and the US GDP data for Q3. Additionally, the Indian Fiscal Deficit data, RBI Monetary and Credit Information Review, and Infrastructure Output will be released. Furthermore, the last phase of state elections on Thursday might trigger volatility in the market in the near term. Daily Digest Market Movers: Indian Rupee remains vulnerable amid the potential global economic slowdown The Indian economy is expected to expand faster than expected in the second quarter due to robust urban consumption and expansion in services. The Indian stock…

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Filed under: News - @ November 27, 2023 4:04 am