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INR unsettled ahead of RBI.........>

EMERGING MARKETS
EMERGING MARKETS: INR unsettled ahead of RBI decision
-Spot INR was one of the poorest across Asia-Pac markets Tuesday and will likely
garner further focus ahead of the RBI decision due on Friday. Indian equities,
bonds and currency markets were unsettled Tuesday on reports that the RBI had
limited withdrawals from a Mumbai-based bank. This prompted a statement from the
RBI in an attempt to assure the country that the "Indian banking system is safe
and stable and there is no need to panic on the basis of such rumours." Further
comments are likely at Friday's rate decision, where the bank are seen easing
policy further.
-USD/ZAR's uptick extended further early Tuesday, with a much
poorer-than-expected ABSA Manufacturing PMI release largely responsible. The
figure, at 41.6, was the lowest reading since 2009, signalling further pressure
on the ANC as they discuss economic reforms and proposed reforms to boost growth
and lower unemployment. Bulls retain sights on the YTD highs at 15.4995.
-Hong Kong retail sales data, minutes from the Bank of Thailand rate decision
and the Polish central bank decision are all due Wednesday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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