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

INDIA
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.

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