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INDIA: Country Wrap:  RBI Deputy Defends FX Stance.

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • The RBI is being criticized for using approximately US$30bn of the FX reserves to keep the Rupee stable. (source:MNI – Market News)
  • US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, in a stunning blow to India’s most powerful businessman and lose ally of Prime Minister Narendra Modi (source:  BBG).
  • India’s HSBC PMI Manufacturing preliminary release for Preliminary at +57.3 (+57.5 prior) and PMI Services Preliminary +59.2 (+58.5 prior)
  • India’s NIFTY 50 looks set to end the week in positive territory trading up by +0.88% post the data release.
  • INR: continues to trade in a tight range.  On a day where many Asian currencies were up against the USD, INR remained flat at 84.4950
  • Bonds:  Yields continue to be resilient.  The 10-year is +1bp higher on the day at 6.875%
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  • The RBI is being criticized for using approximately US$30bn of the FX reserves to keep the Rupee stable. (source:MNI – Market News)
  • US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, in a stunning blow to India’s most powerful businessman and lose ally of Prime Minister Narendra Modi (source:  BBG).
  • India’s HSBC PMI Manufacturing preliminary release for Preliminary at +57.3 (+57.5 prior) and PMI Services Preliminary +59.2 (+58.5 prior)
  • India’s NIFTY 50 looks set to end the week in positive territory trading up by +0.88% post the data release.
  • INR: continues to trade in a tight range.  On a day where many Asian currencies were up against the USD, INR remained flat at 84.4950
  • Bonds:  Yields continue to be resilient.  The 10-year is +1bp higher on the day at 6.875%