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INDIA: Indian Equities Rally Alongside Asia Peers, Rupee Under Pressure

INDIA
  • Indian stocks have rallied over 1.4% today as local markets re-opened following a national holiday yesterday. The Nifty and Sensex are taking cues from broader risk sentiment following the US CPI and retail sales data earlier in the week and subsequent surge in major equities.
  • Almost all major stock benchmarks across Asia are up, with a regional gauge poised for its best weekly performance in over a year. Japanese equities are leading gains, benefiting from a weaker yen which has helped exporters.
  • Asia FX, on the other hand, is mixed today. The Philippine peso lags on the prospect of further policy easing while the Thai Baht held losses as Paetongtarn Shinawatra won enough votes to become the new prime minister.
  • USD/INR is marginally higher on the session, though still below the 84.00 handle. As a reminder, Reuters reported earlier in the week that the RBI "has remained active near 84 over the last few sessions," and is unlikely to let the rupee drop below that level in the near-term.

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