After a late-in-the-day rally faded,..........>

INDIA: After a late-in-the-day rally faded, USD/INR clocked the lowest close

since June last year (although was lower on an intraday basis on Mar19). Markets

continue to eye tomorrow's RBI rate decision, where the bank are expected to

trim 25bps from both their repo rate and the reverse repo rate. Focus may

instead be on the tone the RBI strike at the rate decision, which is expected to

signal that further easing is forthcoming which could compliment their ongoing

liquidity operations.

-Today's INR gains come despite NSE data showing both global and domestic funds

were net sellers of Indian equities Wednesday, echoing the move in the NIFTY50,

which pulled back from all-time highs printed this week at 11,761 to finish

lower on the day.

-India's services and composite PMI for March is also due tomorrow.