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INDIA:  Country Wrap: Inflation Softening 

INDIA
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  • Steam came out of India's November inflation report, rising just +5.48%, down from October’s 1-year high of +6.21% and still significantly above the RBI target of 4%. (source: MNI – Market News).
  • This week saw the announcement of Sanjay Malhotra as the new central bank Governor, succeeding Shaktikanta Das who has completed his term and markets have sought to assess Malhotra’s intentions at a time where a growing divide exists between the views from the government and the views from the central bank when it comes to interest rates. (source: MNI – Market News)
  • India’s NIFTY has opened up Friday weaker again, down -0.65% and is on track to finish over 1% down for the week.
  • INR: despite broader USD trends re-asserting, the RBI’s continued support for the INR steady, and is finishing the week at 84.84, down -0.18% today
  • Bonds:  speculation that the new RBI governor has seen 10YR bond yields move lower earlier in the week only to give those gains back and on track to finish flat.
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  • Steam came out of India's November inflation report, rising just +5.48%, down from October’s 1-year high of +6.21% and still significantly above the RBI target of 4%. (source: MNI – Market News).
  • This week saw the announcement of Sanjay Malhotra as the new central bank Governor, succeeding Shaktikanta Das who has completed his term and markets have sought to assess Malhotra’s intentions at a time where a growing divide exists between the views from the government and the views from the central bank when it comes to interest rates. (source: MNI – Market News)
  • India’s NIFTY has opened up Friday weaker again, down -0.65% and is on track to finish over 1% down for the week.
  • INR: despite broader USD trends re-asserting, the RBI’s continued support for the INR steady, and is finishing the week at 84.84, down -0.18% today
  • Bonds:  speculation that the new RBI governor has seen 10YR bond yields move lower earlier in the week only to give those gains back and on track to finish flat.