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Policy
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessWells Fargo Looks For INR Outperformance In The Medium Term
The US bank is constructive on the Indian outlook (aided by the recent GDP beat). It expects this to aid rupee over the medium term.
Wells Fargo: "We have flagged India as having potential to outperform in 2024, both from an economic and financial markets perspective. Recent GDP data beat expectations by a wide margin, and while one-off developments may have played a role, we still expect India's economy to be among the fastest growing major economies in the world this year. Economic outperformance should lead to the Reserve Bank of India (RBI) maintaining a cautious stance on monetary policy and delaying a shift to policy rate cuts until H2-2024. In our view, delayed easing should support the rupee over time, while we believe a Prime Minister Modi re-election and policy continuity will also be a source of rupee strength. In addition, we believe India's strong growth and shift toward improving public finances can lead to capital inflows and provide rationale for credit ratings agencies to potentially deliver a sovereign credit rating upgrade in the coming quarters. Ultimately, we believe the combination of economic outperformance, a prudent central bank, easing political risk and improved sentiment should all lead to the Indian rupee also outperforming by the end of 2024 and into mid-2025."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.