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INDIA: Country Wrap: Pressure Mounting on RBI over Rates.

INDIA
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  • India Finance Chief Urges Lower Rates as RBI Keeps Inflation Aim (source BBG).
  • Chief Economic Advisor (CEA) stated that retail inflation is largely driven by a few key commodities— namely tomato, onion, potato (TOP), gold, and silver and that excluding these items gives a more effective reflection for interest rates (source: The Hindu Business Line).
  • Having recorded seven straight down days, India’s NIFTY 50 bucked that trend to finish +0.28% higher on Tuesday and early indications are that it will open positive today also.
  • INR – the Rupee continues be very stable at present, finishing at 84.4137 yesterday marginally weaker than Monday’s close.
  • Bonds: Bond yields have been very resilient in recent sessions with the 10-year yield down 1bp yesterday to 6.84%.
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  • India Finance Chief Urges Lower Rates as RBI Keeps Inflation Aim (source BBG).
  • Chief Economic Advisor (CEA) stated that retail inflation is largely driven by a few key commodities— namely tomato, onion, potato (TOP), gold, and silver and that excluding these items gives a more effective reflection for interest rates (source: The Hindu Business Line).
  • Having recorded seven straight down days, India’s NIFTY 50 bucked that trend to finish +0.28% higher on Tuesday and early indications are that it will open positive today also.
  • INR – the Rupee continues be very stable at present, finishing at 84.4137 yesterday marginally weaker than Monday’s close.
  • Bonds: Bond yields have been very resilient in recent sessions with the 10-year yield down 1bp yesterday to 6.84%.