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INDIA: India Country Wrap:  RBI Expected to Up Purchases of Bonds. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • A BBG survey of market participants shows that investors expect the RBI to ramp up their purchases of bonds  in a bid to increase liquidity.  (source: BBG).
  • On the back of October’s significant inflation spike due to vegetable prices, unseasonably warm weather and limited rain sees the possibility of a material impact on the nation’s wheat harvest at a time when the RBI suggests that inflation is moderating.  (source: BBG).
  • In its monthly bulletin released yesterday the Reserve Bank of India (“RBI”) described global growth as ‘steady’ highlighting concerns as to the pace of moderation of inflation and the looming threat of tariffs.  The RBI gave a nod to the pressures felt in Emerging Markets for investment outflows and the impact the dollar is having on their currency.  The RBI indicated that their ‘high frequency indicators’ are pointing to ‘a sequential pick up in momentum of economic activity during the first half’ and is in their belief likely to be sustained going forward (source: MNI – Market News)
  • As regional markets tumble today, India’s NIFTY 50 is opening weak down by -0.15%.
  • INR: regional markets had a better day today and the rupee is opening stronger at 86.79, a gain of +.18%, tipping the 5-day into positive.
  • Bonds: despite the headline about the potential for the RBI to be buying bonds, the market still remains quiet with the 10YR at 6.685% unchanged in recent days. 
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  • A BBG survey of market participants shows that investors expect the RBI to ramp up their purchases of bonds  in a bid to increase liquidity.  (source: BBG).
  • On the back of October’s significant inflation spike due to vegetable prices, unseasonably warm weather and limited rain sees the possibility of a material impact on the nation’s wheat harvest at a time when the RBI suggests that inflation is moderating.  (source: BBG).
  • In its monthly bulletin released yesterday the Reserve Bank of India (“RBI”) described global growth as ‘steady’ highlighting concerns as to the pace of moderation of inflation and the looming threat of tariffs.  The RBI gave a nod to the pressures felt in Emerging Markets for investment outflows and the impact the dollar is having on their currency.  The RBI indicated that their ‘high frequency indicators’ are pointing to ‘a sequential pick up in momentum of economic activity during the first half’ and is in their belief likely to be sustained going forward (source: MNI – Market News)
  • As regional markets tumble today, India’s NIFTY 50 is opening weak down by -0.15%.
  • INR: regional markets had a better day today and the rupee is opening stronger at 86.79, a gain of +.18%, tipping the 5-day into positive.
  • Bonds: despite the headline about the potential for the RBI to be buying bonds, the market still remains quiet with the 10YR at 6.685% unchanged in recent days.