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The Indian Rupee weakens in Thursday’s Asian session.  A muted sentiment in Indian markets and a firmer USD undermine the INR.  The US CPI inflation data will take center stage on Thursday.  The Indian Rupee (INR) trades on a weaker note on Thursday. A muted trend in the domestic market and a stronger US Dollar (USD) weigh on the local currency. However, robust Indian macroeconomic fundamentals and the inclusion of government bonds in global indices would attract foreign investors and lift the INR.  The release of the key US Consumer Price Index (CPI) inflation data will be the highlight on Thursday. The US Initial Jobless Claims will be released on the same day, and the Federal Reserve’s (Fed) Lisa Cook and John Williams are scheduled to speak.  Daily Digest Market Movers: Indian Rupee remains weak ahead of key US inflation data FTSE Russell said on Tuesday that Indian sovereign bonds will be added to its Emerging Markets Government Bond Index (EMGBI), following a similar move by JP Morgan and Bloomberg Index Services. The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5% for the tenth consecutive meeting but changed the policy stance to neutral from withdrawal of accommodation. The Indian central bank kept the CPI inflation estimate for FY25 unchanged at 4.5% while maintaining the Gross Domestic Product (GDP) growth estimates for FY25 at 7.2%. According to minutes released Wednesday, the Federal Open Market Committee (FOMC) members agreed to cut interest rates in September but were unsure how aggressively to go, ultimately deciding on a half-percentage point move in an effort to balance inflation concerns with labor market worries. Fed Boston President Susan Collins said on Wednesday that it was “prudent” for officials to cut rates by a half percentage point…

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Filed under: News - @ October 10, 2024 3:09 am